Trump Crowns Himself 'Crypto President' with $TRUMP Meme Coin on Solana

- Donald Trump Introduces Solana-Based Meme Coin $TRUMP - $TRUMP Market Cap Estimated to Exceed 3.5 Billion USD [Unblock Media] With just three days left until President-elect Donald Trump’s inauguration, the cryptocurrency market is in turmoil following the introduction of a Solana-based meme coin named ‘$TRUMP’. This unprecedented event has sparked curiosity about its authenticity, especially since it was announced through Trump's official social media accounts on Truth Social and X (formerly Twitter). The official message from Trump's social media reads: “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.” Despite initial suspicions of hacking or fraud, the post remained active for over an hour, leading many to start taking the Solana-based meme coin $TRUMP seriously. However, the mere persistence of the post on the official social media account does not confirm its authenticity, as evidenced by past hacking incidents involving significant figures and government leaders, such as the massive Twitter hack of 2020 and the Indian Prime Minister’s Twitter hack in 2021. Such incidents highlight the ease with which fake cryptocurrency projects or false information can spread through social media account hacks, indicating that further verification is needed. The credibility of this project has been bolstered by mentions of ‘CIC Digital,’ the same entity behind Trump's previous NFT projects, and the website layout mirroring that of his past NFT sales pages. Although the Truth Social post came first, the subsequent post on Trump's X (formerly Twitter) account eased initial concerns. Experts have conducted on-chain analyses to determine the project’s legitimacy, identifying early funds flowing in from major overseas exchange wallets like Binance and Gate, although this could also be interpreted through scenarios like circumventing strict U.S. regulations, making definitive conclusions difficult. Following the announcement, the price of $TRUMP soared rapidly with millions of dollars worth of liquidity flowing in, now trading with high volatility around $18-$20 on CoinMarketcap. The total market cap has surpassed 3.5 billion USD, with some analysis sites estimating between 1 billion and over 8 billion USD. These variations depend on factors like calculation methods for circulating and total supply, the proportion of locked quantities, and the immediate price surge. Typically, market cap is calculated by multiplying the number of circulating coins with the current price, but in $TRUMP's case, with 80% of its supply locked, the actual market cap might be smaller. Cryptocurrency influencer Anthony Pompliano remarked, “The president-elect unveiled a meme coin right before his inauguration, pushing its market cap over 8 billion USD within three hours, almost double his reported net worth. The financial markets must brace for this unprecedented event.” Conversely, Mike Novogratz of Galaxy Digital, who has consistently cautioned against unverified altcoins and new DeFi projects attracting significant funds, predicts inevitable regulatory intervention. Some also express skeptical views about meme coins with political undertones potentially heightening future market volatility. Out of the 1 billion total supply of $TRUMP coins, 80% remains locked and will be gradually released over the next three years, with around 200 million currently in circulation. Based on this, the actual circulating market cap is estimated to be between 1 billion and 1.5 billion USD. Given Trump’s history of releasing multiple NFT collections and his pro-cryptocurrency campaign promises, major shifts in regulations and policies regarding cryptocurrencies and digital assets are anticipated. Should this announcement be authentic, it could significantly accelerate cryptocurrency integration into mainstream financial markets. Yet, there are concerns that aligning a president’s official platform with a meme coin might undermine trust. While the final determination on whether $TRUMP is a legitimate project or a scam remains pending, it continues to capture global investor attention. Experts are closely monitoring the announcement’s potential implications on U.S. cryptocurrency regulations and the broader industry. The outcome, combined with Trump’s influence in the mainstream market, could mark a crucial turning point for the future market trajectory.