Trump's 'official' cryptocurrency surges
Despite investor concerns regarding its allocation and legitimacy, Trump’s official meme coin has attained a market capitalization of $14 billion. Read Full Article at RT.com.
TroibNews 
The newly elected president of the United States, Donald Trump, introduced his “official” meme coin, TRUMP, on Saturday, achieving a market capitalization close to $14 billion within hours of its launch, as reported by cryptocurrency trackers. This Solana-based meme token was revealed just two days prior to Trump’s inauguration as the 47th president.
Initially, the token was priced at $0.1824 upon its launch but experienced a staggering increase of over 8,000%, reaching approximately $14.4 within five hours according to Dexscreener data. At that time, its market cap was approximately $14 billion. The token has attracted over 66,000 purchasers, significantly outnumbering the nearly 18,000 sellers. Consequently, liquidity surged to over $388 million.
Trump announced the token's launch on his official Truth Social and X accounts. “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW,” the president-elect declared via his social media platform.
Despite the initial excitement, the crypto community expressed concerns about the token’s authenticity, some even warning of potential hacking or social engineering risks. A pseudonymous blockchain engineer named cygaar commented on X that the project’s official website bears similarities to Trump’s previous NFT collections, suggesting, “either this is the greatest cyber heist of all time, or this is legitimate.” However, as Trump’s posts remained active and Polymarket data indicated only a 10% chance of account compromise, skepticism gradually diminished, contributing to the token's rising price.
Nonetheless, the rapid growth of the token has prompted concerns regarding its distribution. "80% of the token supply is locked in a multisignature wallet, amounting to $3 billion controlled by the creator, who also added $40 million in liquidity," noted Conor Grogan, Coinbase's head of product business operations, in a post on X. He further mentioned that the project was seeded with millions from Binance and Gate, both of which do not serve US customers. Analysts have pointed out that 80% of the circulating token supply is allocated to Fight Fight Fight LLC and CIC Digital LLC, entities associated with the Trump Organization, leaving only 20% of the supply divided equally among public investors and liquidity.
The TRUMP launch underscores Trump's ongoing embrace of cryptocurrency initiatives. Formerly a vocal skeptic of crypto, he shifted his stance during the election campaign, promising to transform the U.S. cryptocurrency landscape and establish the country as the “crypto capital of the planet.” Paul Atkins, Trump’s nominee to chair the Securities and Exchange Commission, is anticipated to lead these initiatives. A recognized proponent of cryptocurrency and a former SEC commissioner, Atkins will replace Gary Gensler, who has faced criticism for his regulatory approach to the industry.
Navid Kalantari for TROIB News
Initially, the token was priced at $0.1824 upon its launch but experienced a staggering increase of over 8,000%, reaching approximately $14.4 within five hours according to Dexscreener data. At that time, its market cap was approximately $14 billion. The token has attracted over 66,000 purchasers, significantly outnumbering the nearly 18,000 sellers. Consequently, liquidity surged to over $388 million.
Trump announced the token's launch on his official Truth Social and X accounts. “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW,” the president-elect declared via his social media platform.
Despite the initial excitement, the crypto community expressed concerns about the token’s authenticity, some even warning of potential hacking or social engineering risks. A pseudonymous blockchain engineer named cygaar commented on X that the project’s official website bears similarities to Trump’s previous NFT collections, suggesting, “either this is the greatest cyber heist of all time, or this is legitimate.” However, as Trump’s posts remained active and Polymarket data indicated only a 10% chance of account compromise, skepticism gradually diminished, contributing to the token's rising price.
Nonetheless, the rapid growth of the token has prompted concerns regarding its distribution. "80% of the token supply is locked in a multisignature wallet, amounting to $3 billion controlled by the creator, who also added $40 million in liquidity," noted Conor Grogan, Coinbase's head of product business operations, in a post on X. He further mentioned that the project was seeded with millions from Binance and Gate, both of which do not serve US customers. Analysts have pointed out that 80% of the circulating token supply is allocated to Fight Fight Fight LLC and CIC Digital LLC, entities associated with the Trump Organization, leaving only 20% of the supply divided equally among public investors and liquidity.
The TRUMP launch underscores Trump's ongoing embrace of cryptocurrency initiatives. Formerly a vocal skeptic of crypto, he shifted his stance during the election campaign, promising to transform the U.S. cryptocurrency landscape and establish the country as the “crypto capital of the planet.” Paul Atkins, Trump’s nominee to chair the Securities and Exchange Commission, is anticipated to lead these initiatives. A recognized proponent of cryptocurrency and a former SEC commissioner, Atkins will replace Gary Gensler, who has faced criticism for his regulatory approach to the industry.
Navid Kalantari for TROIB News
