Speak about a Friday evening surprise. Only three days before he’s scheduled to take the oath of office for his next name in the White House, President-elect Donald Trump’s social media accounts shared what appears to be an official Solana image gold called TRUMP.
Degen merchants soon invested, generating hundreds of millions of dollars worth of trading volume as on-chain investigators and security researchers searched for purple colors. However, it appears that this is a genuine Trump image gold launch because Trump’s X and Truth Social articles are also active after more than an hours and some first red flags have been removed.
” It’s official Trump image now!” It’s time to enjoy anything we stand for: Successful! Visit my pretty specific Trump Community. GET YOUR$ Republican NOW”, Trump’s standard X accounts posted.
The release was soon met with pleasure, distress, and plenty of suspicion. The project had all the hallmarks of numerous celebrity image coin frauds that have taken place over the past year, with a common figure’s social media account being used to market a pump-and-dump fraud.
The Truth Social post went out second, but once the X article followed on his official accounts, problems began to subside. Moreover, the coin has generally only pumped thus far, with no chuck as of this writing.
On-chain sleuths raised concerns about possible red flags, including the alleged involvement of Binance and Gate, two exchanges that don’t offer U.S. customers, in seeding the job. However, as more sleuthing became available, some other obvious fears vanished as Trump’s social media accounts continued to exist.
The stock’s official website, which is credited to CIC Digital, the exact established Trump licensee who created the NFTs, has similar layouts to those used to market and promote his earlier NFT collections. Following first rumors, anonymous blockchain engineer cygaar tweeted that the joke coin website was “deployed almost perfectly to his earlier NFT website.”
” Either this is the greatest cyber attack of all time, or this is legitimate”, he added.
Meme coin dealers are buying the gold in droves, pushing it to a rate of$ 7.31 as of this writing. DexScreener lists a market cap of$ 7.1 billion, which would make it a top 30 cryptocurrency if accurate—though there’s a caveat.
Out of the 1 billion cash, the website states that 80 % of them are locked and will eventually be unlocked over the course of three times. As such, the circulating supply would only be 200 million tokens, putting the market cap better to$ 1.5 billion as of this writing. There’s been about$ 680 million worth of trading volume so much.
Trump supported a pro-crypto system, and besides his past NFT selections that were released between 2022 and 2024, he has also supported a fragmented financing platform called World Liberty Financial.
According to Decrypt this week, Trump is believed to be readying guidelines that could transform the American crypto environment for both contractors and investors. He is expected to problem a day-one executive order regarding cryptocurrency.
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