Donald Trump launches TRUMP memecoin on Solana ahead of inauguration
Donald Trump launches TRUMP memecoin
In a surprising move ahead of his inauguration, U.S. President-elect Donald Trump has introduced a new meme-based cryptocurrency named TRUMP on the Solana blockchain.
The announcement was made via his official TruthSocial account, where he encouraged supporters to acquire the tokens through the designated website.
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The TRUMP tokens are marketed as a form of political expression rather than an investment opportunity. According to the official website, these tokens are intended to symbolize support for the ideals represented by the "TRUMP" symbol and its associated artwork. Notably, an affiliate of The Trump Organization is set to receive revenue derived from the trading activities of these tokens.
Anthony Pompliano, Founder and CEO of Professional Capital Management, has shared his enthusiasm about the recent launch of the TRUMP memecoin. He urged everyone to "buckle up," emphasizing that the financial markets are unprepared for the impact this Solana-based memecoin is set to deliver. Pompliano also pointed out that the TRUMP coin reached an impressive market capitalization of $8 billion within just three hours of its official debut.
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Despite the promotional efforts, the launch has faced significant challenges. CoinGape reports indicate that the official website experienced technical difficulties due to high traffic, with over 70 million unique visitors attempting to access the site within an hour. This surge led to website crashes, preventing many potential investors from participating in the initial token sale. As a result, only approximately 750 million tokens were sold, accounting for just 3.75% of the presale total.
According to available details, the TRUMP memecoin can be purchased using either a debit card or cryptocurrency. Holding this coin grants individuals membership in the Trump Meme Community, a group that promotes a culture of success and optimism.
TRUMP transactions and speculation
Transactions involving the TRUMP memecoin have gained significant traction, with millions being exchanged as investors seize the opportunity. One notable example is 0xsun.sol, Founder of OxSun Group, who reportedly earned over $3.7 million through TRUMP trading. Initially, they purchased 999,895 TRUMP tokens by spending 3,000 SOL, valued at $653,000. They later sold the tokens for 3,616 SOL, worth $812,000, realizing a substantial profit.
The introduction of TRUMP tokens has sparked a range of reactions within the cryptocurrency community and beyond. Some supporters view it as an innovative way to engage with political discourse, while critics express concerns about the potential for financial exploitation and the blurring of lines between political influence and financial ventures. Additionally, the lack of clarity regarding the project's structure and investor protections has led to skepticism among industry experts.
Earlier, we reported that World Liberty Financial, a cryptocurrency initiative supported by the family of U.S. President-elect Donald Trump, is planning to acquire Tron (TRX) tokens as part of its treasury strategy.
