Fresh off the announcement, a new meme coin dubbed Official Trump ($TRUMP) has taken the crypto world by storm. Built on the Solana blockchain, the token's surprising launch quickly garnered attention.
Within hours of its debut, $TRUMP's market cap soared to an impressive $2.7 billion, according to CoinGecko. This news sparked both excitement and skepticism regarding the project's authenticity and intentions.
As soon as the announcement hit the wires, trading activity surged. The token's value shot up by hundreds of percent in the first couple of minutes, and daily volumes reached nearly $2.6 billion, as reported by CoinGecko. At the time of writing, the token was trading at approximately $13.11.
Trump's initial announcement on Truth Social directed users to a website called GetTrumpMemes to acquire the tokens. A similar post was later shared on X (formerly Twitter), promoting the coin as the official $TRUMP token.
The surprise launch and rapid trading activity generated a lot of buzz, but also raised questions about the authenticity of the project, especially considering recent high-profile hacks targeting prominent social media accounts.
However, Ran Neuner, a well-known crypto expert, confirmed the legitimacy of the memecoin, calling it a "bullish" announcement.
Adding to the intrigue, Trump's Truth Social account later posted an unrelated update announcing Peggy Schwinn as the new U.S. Deputy Secretary of Education, leaving users speculating about the account's security and the coin's legitimacy.
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