President-elect Donald Trump’s social media accounts have shared what seems to be an official Solana meme coin known as TRUMP days earlier than his inauguration.
The meme coin, promoted as an “Official Trump Meme Coin,” reached a market cap of $9 billion inside three hours of launch.
Donald Trump Launches New Meme Coin
President-elect Donald Trump has launched a brand new Solana-based meme coin by way of his Reality Social and X accounts simply days earlier than he takes workplace for a second time. The meme coin reached a market cap of $9 billion inside hours of its launch, surpassing a number of outstanding meme cash like PEPE and BONK. Crypto merchants instantly started shopping for the coin, producing tens of millions in buying and selling quantity. In the meantime, on-chain investigators and safety specialists started inspecting the meme coin extra intently, looking for any potential crimson flags. Trump posted concerning the launch on his social accounts stating,
“My NEW Official Trump Meme is HERE! It’s time to rejoice the whole lot we stand for: WINNING! Be part of my very particular Trump Neighborhood. GET YOUR $TRUMP NOW.”
Skepticism Galore
The launch of the TRUMP meme coin was met with appreciable pleasure by the crypto group and Trump’s supporters. Nevertheless, it additionally generated skepticism amongst on-chain investigators. It is because the mission and its launch had all of the hallmarks of superstar meme coin scams launched over the previous yr. These scams typically concerned hacking a public character’s social media account to advertise a pump-and-dump scheme. Many within the crypto business have been divided about whether or not Trump was behind the posts or if his accounts have been compromised. BecauseBitcoin founder and CEO Max Schwartman said,
“I’m so confused by this. $TRUMP is sitting at a 3B market cap. This have to be a hack, proper? No means he simply launched his personal memecoin. If it’s a hack, this can severely mute Trump’s bullishness on crypto proper as he takes workplace (bearish). If it’s not a hack then the following president of the US simply launched a shitcoin & issues are about to get completely uncontrolled this quarter (bullish possibly).”
Launch Seems Legit
Nevertheless, the mission seems reliable and related to the entity that launched Trump’s collectible NFT buying and selling playing cards, CIC Digital LLC. The Donald J. Trump Revocable Belief owns the agency. Additionally it is the agency by way of which Trump entered a licensing settlement to promote his Trump-branded NFTs. Moreover, the web site states,
“CIC Digital LLC and Celebration Playing cards LLC, the homeowners of Struggle Struggle Struggle LLC, will obtain buying and selling income derived from buying and selling actions of Trump Meme Playing cards.”
Referring to the meme cash as “Trump Memes,” the web site additionally clarifies the tokens are usually not meant to be, or to be topic to an funding alternative, funding contract, or safety of any sort. In line with the web site, there are 200 million TRUMP tokens, with the provision set to develop to 1 billion over three years. It breaks down the token distribution as effectively, with creators and CIC Digital to obtain 80% of the token over three years of tranched unlocks, 10% allotted for public distribution, and one other 10% for liquidity.
“Creators and CIC Digital are set to obtain 80% of the token over three years of tranched unlocks, with 10% allotted for Public Distribution and a last 10% put aside for Liquidity.”
Disclaimer: This text is offered for informational functions solely. It isn’t provided or meant for use as authorized, tax, funding, monetary, or different recommendation.