donald trump launch It's the “official” Trump meme coin with the ticker TRUMP, but investors remain cautious despite its short-term success.
President-elect Donald Trump Solana-based tokens were launched three days before the inauguration of the 47th President of the United States. Despite the explosion in value, the project has been met with skepticism, with investors questioning its credibility.
Trump's meteoric rise
Within three hours of its release, TRUMP's market cap soared to $9 billion. According to Dexscreener, the price of the token soared more than 4,800%, trading at $9 from an opening price of $0.1824. More than 49,800 buyers joined in the frenzy, outnumbering nearly 12,500 sellers. Liquidity also surged, reaching $308.7 million.
In particular, SpotOnChain revealed The token was initially funded in SOL by Gate.io and Binance. However, a blockchain analysis firm questioned why the US-based project avoided US exchanges like Coinbase.
Concerns grow over TRUMP allocation
Red flags have been raised with the allocation of TRUMP tokens. Coinbase Director Conor Grogan emphasized that 80% of the token supply is locked in. multi signature wallet. This was worth $3 billion, managed by the creators, and added an additional $40 million in liquidity.
Trump meme coin creator adds $40 million in one-sided liquidity and deposits 80% of supply into multisig pic.twitter.com/oKxOtiF50D
— Connor (@jconorgrogan) January 18, 2025
The official website “GetTrumpMemes” outlines the token distribution plan. According to the platform, 200 million tokens were in circulation on the first day, and it plans to increase this number to 1 billion over three years.
However, 80% of the circulating supply is allocated to Fight Fight Fight LLC and CIC Digital LLC, both of which are affiliated with the Trump Organization. Meanwhile, retail investors and liquidity share just 20% of the supply evenly.
Is it possible to be hacked?
Skepticism about the legitimacy of tokens is widespread throughout the cryptocurrency community. playing cards made an announcement on his official Truth Social and Twitter accounts.
My new official Trump meme is here! It's time to celebrate everything we stand for: victory! Join my special Trump community. Please get it $Trump now. go to https://t.co/GX3ZxT5xyq – enjoy! pic.twitter.com/flIKYyfBrC
— Donald J. Trump (@realDonaldTrump) January 18, 2025
However, concerns about possible hacking and social engineering schemes have surfaced. Despite these new concerns, Polymarket data suggests there is only a 10% chance that his account was compromised.
President Trump just launched a meme coin. $Trump.
There is only a 10% chance that he was hacked. pic.twitter.com/rqvLsHLZBD
— Polymarket (@Polymarket) January 18, 2025
Blockchain data reveals that token holders’ wallets received funds from Gate.io for two days prior to 10 days before launch and Binance.
Additionally, ownership of the tokens is concentrated in a few wallets, raising concerns about manipulation. The top five holders own over 90% of the supply, making them vulnerable to sudden price changes if any of these addresses sell their holdings.
It is worth mentioning that this does not mark President Trump's first foray into cryptocurrencies. During the 2024 campaign, he began: World Liberty Financial (WLFI); The project received public support from his family. Unlike $TRUMP, WLFI was not a meme coin and its intentions were more transparent.
Nevertheless, the token has so far reached a market cap of $10 billion and has been trading for three hours without any public statement separating the president-elect from President Trump or his team. This increased investor confidence that the token might actually be official. However, as of this writing, this is still uncertain.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. We encourage our readers to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
