Fewer than 100 hours before he will be sworn in as the US President, Donald Trump sprang a big surprise on the evening of January 17, when his social media handles shared what appears to be an official Solana meme coin christened TRUMP. Meme coin traders are buying the coin in droves, pushing prices quickly.
According to reports, Degen traders began investing almost immediately. As a result of this frenzied buying, trading volume touched hundreds of millions of dollars. While some were buying it at jet speed, security experts and on-chain sleuths began combing the scenario for red flags. Reports also mentioned how some of the early cautionary signs were addressed and the general conclusion was that it constituted a legitimate Trump meme coin launch.
The post in Trump’s X handle
“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,” was what Trump’s official X handle posted. Initially, the post from the handle of the president-elect was greeted with both enthusiasm and confusion. Some pointed out that the social media accounts of public figures were, in the past, hacked to launch scams. The first to announce the new crypto asset was the Truth Social platform. The post of X followed. While the Truth Social post generated a lot of doubts, the post on X began quelling doubts among many. Incidentally, Truth Social is an alt-tech social media platform owned by Trump Media & Technology Group, that is controlled by Donald Trump.
Official website of the coin
Reports stated that the coin’s official website resembled those that sell/promote Trump’s past NFT collections. CIC Digital, which is the agency behind Trump collections, is also present in this case. The meme coin website was “deployed almost identically to his previous NFT website,” was what a blockchain engineer cygaar (possibly a pseudonym) tweeted. Significantly, Trump has vowed to make the US into the global crypto hub and Bitcoin prices have sailed past $100,000 on expectations of pro-crypto measures form the new president.
Did Trump drop TRUMP meme coin days before taking charge? Value zooms
EXCERPT: On January 17, crypto enthusiasts and investors were greeted by a big surprise when they saw social media handles of Donald Trump sharing what appeared as an official Solana meme coin called TRUMP. Significantly, Trump will take charge of the US government on January 20. Meme coin traders began buying the coin in a frenzy, pushing prices quickly. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
