A new meme cryptocurrency named $Trump, based on Solana, is being promoted on Donald Trump’s social media accounts shortly after its launch. Experts question whether Trump or hackers are behind the promotion. The coin, inspired by an event from Trump’s campaign, skyrocketed to a market capitalization of $13 billion, with trading volumes hitting $4.6 billion. While some investors are excited, others suspect potential scams, as meme coins are often seen as risky, speculative investments. Industry expert James Lumsden warns they may just be a “dangerous illusion” and advises caution in investing.
A new cryptocurrency worth billions of dollars is being promoted on Donald Trump’s social media accounts just hours after its launch, but experts wonder if the president-elect or hackers are behind the new venture. is holding.
A post on Trump’s X and Truth Social accounts, formerly known as Twitter, announced the arrival of $Trump, a Solana-based meme coin, on Friday night.
Meme coins are cryptocurrencies named after supposedly humorous characters, individuals, artwork, or trends.
An example is Dogecoin (DOGE), which was founded as a satirical payment system aimed at making fun of cryptocurrencies and featured a cartoon version of a cute Shiba Inu called Kabosu, which internet users found funny and cute. I did.
Experts say meme coins are an incredibly risky investment, but potentially lucrative, especially for creators. Meme coins typically have market capitalizations in the billions of dollars.
After the launch of $Trump, the value of the token exploded to $13 billion, according to data from Geckoterminal, with trading volume approaching $4.6 billion at the time of writing.
At the time of publication, the token was trading at $23.41.
The announcement was first posted on Trump’s Truth Social account, which directed followers to obtain tokens through the GetTrumpMemes website.
A new cryptocurrency worth billions of dollars is being promoted on Donald Trump’s social media accounts just hours after its launch, but experts wonder if the president-elect or hackers are behind the new venture. is holding
A post on Donald Trump’s X (formerly known as Twitter) and Truth Social accounts announced the arrival of $Trump, a Solana-based meme coin.
The token commemorates the president-elect who defiantly threw his hands in the air to show he was unharmed shortly after an assassination attempt at a campaign rally in Butler, Pennsylvania on July 13, 2024. It was inspired by images.
Shortly thereafter, a similar post arrived on his X account.
The post features an image of a token holding Trump’s right fist in the air with the slogan “Fight, Fight, Fight” and states, “My new official Trump meme is here!” are. It’s time to celebrate everything we stand for: victory!
“Join my special Trump community. Get your $Trump now. Go to ‘Enjoy!’
The GetTrumpMemes website says the alternative token is an “official product of Trump” and can be purchased with Moonshot or more traditional payment methods.
This photo shows the president-elect defiantly throwing his hands in the air to show he is unharmed, moments after an assassination attempt at a campaign rally in Butler, Pennsylvania on July 13, 2024. An image of is posted.
The site revealed that the tokens will be minted through the crypto platform Solana, with 200 million available on the first day.
A total of $1 billion in Trump funds will be available over three years.
The post, posted on President Trump’s X account, received tens of thousands of comments among his 97.6 million followers, with some questioning whether the president-elect had been hacked.
After $Trump’s launch, the token’s value exploded to $13 billion, according to Geckoterminal data, with trading volume approaching $4.6 billion at the time of writing.
At the time of publication, the token was trading at $23.41
One person wrote: “This must be a scam.” Please don’t tell the truth,” while another user simply asked, “Has your account been hacked?”
But others welcomed the idea that Trump could be a good investment.
One follower said, “If you put all your life savings into Solana’s $TRUMP, you might end up like him!”
Experts are also beginning to weigh in on whether the project is real or the result of hackers gaining access to President Trump’s social media accounts.
As reported by Crypto Briefing, crypto enthusiast Slog from Jupiter Cryptocurrency Exchange said $TRUMP has been verified.
“I don’t like to tweet about coins and this is not a promotion in any way. But to keep people safe, this is a real Trump coin. Approved for strict list.”
Meanwhile, Polymarket, which is used by crypto traders to predict outcomes and track current trends, currently shows there is only a 3% chance that President Trump’s account was hacked.
Meme coins have grown in popularity in recent years. Examples other than Dogecoin These include tokens based on Pepe the cartoon frog (PEPE), Peanut the Squirrel (PNUT), an orphan squirrel euthanized by New York authorities, and MOO DENG, which is based on a New York pygmy hippopotamus. Thailand It went viral because of her sassy energy.
Polymarket, which is used by crypto traders to predict outcomes and track current trends, currently shows there is only a 3% chance that President Trump’s account was hacked.
As of this writing, DOGE’s market cap alone is $61 billion, PEPE’s market cap is $7.92 billion, and PNUT’s market cap is $662 million.
Their value and popularity has skyrocketed since the election of Donald Trump.
However, not all experts support meme coins as a good investment.
James Lumsden KC, a leading cryptocurrency and digital asset litigator and founding partner at law firm Astrea, called memecoins a “dangerous illusion” and a “complete fraud.”
He recently told MailOnline: “I would stay away from them. That is a very dangerous illusion.
“This is a highly speculative financial financing and is almost completely at the mercy of the people who did it.
“I think this is a complete scam. There’s no value or purpose to it. I’m just as worried about them as I am about digital assets.
“I don’t think you can call them that at all. It relies on algorithmic social media interaction. That’s a very flimsy way of approaching the value of anything.
One recent social media star who hinted at starting a memecoin is Hawk Tua Girl’s Hayley Welch (pictured). She made headlines for making a very risqué gesture during an interview on a night out.
“It’s not the meme coins that attract people to the site, it’s what’s funny and what’s interesting.
“Meme coins only measure hits.” [a site or idea] I get it.
Memecoins can be created by anyone, but unlike traditional cryptocurrencies like Bitcoin, they cannot be mined. Instead, a finite number is released while the owner keeps a fixed amount.
If a memecoin goes viral and its popularity skyrockets, owners can sell the memecoin to generate income for themselves, but this can erase its value to investors.
One recent social media star who hinted at starting a memecoin is Hawk Tua Girl’s Hayley Welch. She made headlines for making a very risqué gesture during an interview during a night out.
Meanwhile, Nawab Hussain, digital finance guru and director of Crypto Consultants UK, told MailOnline that memecoins are “emotionally driven” and that “80 to 90 per cent are just “Liquidity robbery, people trying to make a quick buck.”
He further added that “meme coins are probably the most speculative from a cryptocurrency perspective.” As an investor, you need to be careful. ”
