Is the coin actual?
That was the query plaguing crypto merchants from U.S. to Asia alike as an “official” memecoin linked to Republican Donald Trump was issued in early Asian hours Saturday from his verified X and Fact Social accounts.
Costs ran from few cents to $14 in lower than six hours amid widespread confusion on whether or not the token was really backed by Trump or was a potential hack of Trump’s account with a faux token issued by the attacker to fleece unsuspecting consumers.
🚨JUST IN: A dealer is up $29.8M on $TRUMP, Donald Trump’s official memecoin on Solana. He spent $1.09M to purchase 5,971,750 TRUMP cash, now price $30.8M in beneath 2 hours—a 2,634% achieve. The dealer has not bought any cash but. pic.twitter.com/HS56HoA85X
— SolanaFloor (@SolanaFloor) January 18, 2025
CoinDesk couldn’t independently affirm if the token was legit or not as of early European hours Saturday.
The token — which is considered with scepticism amongst some merchants — has attracted $3 billion in buying and selling volumes hours after going reside and instructions a $2 billion market capitalization at present costs. It has netted early consumers over $70 million in paper positive aspects, and smaller merchants as a lot as $1 million, onchain knowledge reveals.
The obvious transfer comes days earlier than Trump takes workplace on Jan.20, and is the primary time a sitting president will give their liking to a memecoin. It’s the newest in a protracted listing of crypto-related companies and merchandise linked to Trump — with the Republican having beforehand issued a number of NFTs and the comparatively new decentralized finance platform World Liberty Monetary.
“My NEW Official Trump Meme is HERE! It’s time to have a good time every part we stand for: WINNING!,” an X publish from the @realDonaldTrump account reads. “Be a part of my very particular Trump Neighborhood. GET YOUR $TRUMP NOW. Go to http://gettrumpmemes.com — Have Enjoyable!”
The X publish went up on 2:44 UTC Saturday and has stayed up till after 8:15 UTC. It was initially perceived to be
The token was first posted on Trump’s Fact Social, the place it ran from a totally diluted valuation of $200 million to over $1.3 billion in simply over an hour. It gained traction and curiosity from crypto merchants after the X publish.
A disclaimer on the meme’s web site acknowledged that the Trump meme token had been meant to perform as an “expression of help for, and engagement with, the beliefs and beliefs embodied by the image $TRUMP” and will not be “meant to be, or to be the topic of, an funding alternative, funding contract, or safety of any kind.”
The reasoning is consistent with how memecoin markets have formed up since late 2024, transferring away from mere tokens associated to footage (reminiscent of dogecoin) to cult tokens the place holders imagine in a shared imaginative and prescient or concept that the model implies (reminiscent of SPX6900 flipping the U.S. inventory market, or MOG representing “tokenized profitable.”)
In the meantime, some previously-issued memecoins themed after Trump took successful early Saturday, dropping as a lot as 50% as their worth proposition fell.