Memecoin Linked to Trump Skyrockets in Value and Shocks the Crypto Market

President-elect Donald Trump made waves with the sudden launch of Official Trump ($TRUMP), a meme coin built on the Solana blockchain.

Within a few hours of its debut, the token’s market cap skyrocketed to $2.7 billion, sparking both excitement and skepticism about the project’s legitimacy.

Trading activity surged immediately after the announcement, with $TRUMP’s value climbing hunders of percent in the first couple of minutes and daily volumes nearing $2.6 billion, as per CoinGecko data. At the time of reporting, the token was valued at around $13.11.

The initial announcement appeared on Trump’s Truth Social account, directing users to a website called GetTrumpMemes for acquiring the tokens. A similar post was later shared on X (formerly Twitter), promoting the coin as the official $TRUMP token.

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However, questions about the authenticity of the project quickly arose, fueled by recent hacks targeting prominent social media accounts.

Ran Neuner, renowned crypto expert, stated that t his memecoin is legit and that it is a really bullish announcement

Adding to the confusion, 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.