Friday night brought a big surprise for everyone paying attention. President-elect Donald Trump’s social media accounts announced what seems to be a new meme coin called $TRUMP, built on the Solana blockchain. This comes just three days before he’s supposed to start his second term as President.
The $TRUMP coin exploded in popularity right after the announcement, hitting a market cap of $3.6 billion in just a few hours. Its price went from zero to $18 per coin super quickly, with people trading hundreds of millions of dollars’ worth. Social media and crypto forums lit up as people tried to figure out if the coin was legit or just another scam.
Trump’s official accounts on X (formerly Twitter) and Truth Social shared this message: “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.” Since these posts stayed up for hours, many traders believed the coin was real.
But not everyone’s convinced. There are some big red flags making people nervous. The biggest issue? One wallet owns 80% of all the $TRUMP coins. That’s a huge problem because it means that person could totally control the market or suddenly sell it all and crash the price.
Also, while Trump’s social media accounts seem to back the coin, no one from his team has officially said it’s a real project. That’s making people wonder if it’s just someone trying to make money off Trump’s name.
Experts in crypto security are telling people to be careful. Some of the early worries about the coin’s code and setup have been checked out and seem fine, but there’s still a lot we don’t know. There’s no whitepaper explaining the project, and no one knows who’s actually behind it.
For now, $TRUMP’s quick rise shows how powerful meme coins can be but also reminds everyone how risky crypto can get. Is this coin going to stick around, or is it just another scam waiting to happen? Only time will tell. Stay tuned as we keep digging into this wild story!
