Did Donald Trump Really Just Drop a Solana Meme Coin?

Degen merchants instantly purchased in, producing tons of of thousands and thousands of {dollars} price of buying and selling quantity as sleuths and safety consultants hunted the chain for warning indicators. However with Trump’s

“My NEW official Trump meme is HERE! It is time to have fun every part we stand for: WINNING! Be part of my very particular Trump neighborhood. GET YOURS $TRUMP NOW,” Trump’s official X account mentioned.

The launch was instantly met with pleasure, confusion and plenty of skepticism. That is as a result of the undertaking had all of the acquainted hallmarks of many movie star meme coin scams launched over the previous 12 months, involving the hijacking of a public determine’s social media account to advertise a pump-and-dump rip-off.

The Fact Social publish went out first, however as quickly because the X publish adopted on his official account, considerations began to subside. Moreover, the foreign money has largely simply pumped up to now, with no dumping happening on the time of writing.

Investigators on the chain pointed to potential crimson flags, together with the obvious incontrovertible fact that the undertaking was seeded with thousands and thousands of {dollars} in funds from Binance and Gate – two exchanges that don’t serve US purchasers. However another obvious considerations diminished with additional sleuthing, to not point out the truth that Trump’s social posts remained on-line over time.

The coin’s official web site seems just like the one used to promote and promote its earlier NFT collections, and is attributed to CIC Digital, the identical official Trump licensee behind the NFTs. The meme coin web site was “carried out virtually identically to his earlier NFT web site,” pseudonymous blockchain engineer Cygaar tweeted after preliminary suspicions.

“Both that is the largest cyber heist of all time, or that is reliable,” he added.

Meme coin merchants are shopping for the coin en masse, pushing it to a value of $7.31 on the time of writing. DexScreener lists a market cap of $7.1 billion, which if correct would make it a prime 30 cryptocurrency – though there’s a caveat.

Of the 1 billion cash, the web site notes that 80% are locked and can be steadily unlocked over three years. As such, the circulating provide would solely be 200 million tokens, bringing the market cap nearer to $1.5 billion on the time of writing. So far, there was roughly $680 million in buying and selling quantity.

Trump ran on a pro-crypto platform, and along with his earlier NFT collections launched between 2022 and 2024, Trump has additionally backed a decentralized finance platform known as World Liberty Monetary.

He’s anticipated to concern an govt order relating to cryptocurrency on day one, which could possibly be the primary of many Declutter reported this week, with Trump seemingly getting ready pointers that might reshape the U.S. crypto panorama for builders and buyers alike.