A coin named Official Trump ($TRUMP) launched on Solana at 2am UTC today and has rocketed to a fully diluted market capitalization of $18 billion, although 80% of supply is locked, so is it a scam?
At press time the token is up 2,386% at $18.086 with trading volume of $564 million. The TRUMP/SOL trading pair has $7.6 million in liquidity.
Degens have aped into the new coin, but are no doubt poised to bail if the token proves to be a fake.
If momentum continues to build around the token as Americans wake from their slumbers, the new $TRUMP coin’s price could very easily hit $100 or more in the run-up to the presidential inauguration on Monday.
A flurry of crypto-friendly executive orders are expected from the White House as soon as next week.
In market capitalization terms, $TRUMP could quickly soar to a fully diluted $100 billion valuation.
Social posts on official Donald Trump accounts have seemed to confirm the legitimacy of the token, first on his Truth Social account and then on his X/Twitter official account.
On the other hand, if the ‘Official Trump’ token is a scam, it will go down in crypto history as one of the biggest and most sophisticated ever.
The gettrumpmemes.com website states that the OFFICIAL TRUMP ($TRUMP) token is “the only official Trump meme”.
$TRUMP meme coin red flags or the opportunity of a lifetime?
The first red flags for the $TRUMP meme coin were raised by the deployment contract, which, according to one investigator, shows that the token was seeded with funds from Binance and Gate – exchanges that are not officially available in the US.
However, other crypto sleuths point to the similarities between the deployers of the various Trump-connected NFTs and this new token.
The $TRUMP developer’s preference for using Heroku, an older cloud platform that originally made a name for itself by pioneering support for the Ruby on Rails web application framework language, matches with the approach of the Trump NFT developers.
Others who are suspicious point to reports that no one at a crypto Inauguration ball held last night knew about the new $TRUMP token.
Meanwhile, yet another crypto sleuth notes that a company named FIGHT FIGHT FIGHT, which features prominently in branding for the $TRUMP token, is registered in Delaware. However, there is no date shown in the screenshot for the supposed registration.
Meanwhile, Elon Musk replied to an X post from crypto influencer Mario Nawfal referencing the coin launch with a laugh emoji. Nawal reproduces a meme of Obama and Trump, with Trump saying “I bought Greenland with a memecoin”:
Will you be a winner or a loser from the new $TRUMP token?
The longer the Trump social posts stay up, the likelier it is that the coin is the real deal, in which case expect billions of dollars to flow into the trading pair.
Elsewhere there are some losers. MAGA coin, for instance, is not taking the latest news well – holders are selling off ferociously as they anticipate trading volume will gravitate to the new Official Trump token, detrimentally impacting other Trump-themed coins:
Official Trump ($TRUMP) coin alternatives to diversify your risk
Those tempted to drop some bucks into Official Trump ($TRUMP) may want to offset the risk by investing in some other early-stage coins with similarly huge upside potential.
Solaxy ($SOLX) is the first Solana Layer 2 and could be an excellent way to gain some alpha from Solana’s forward march. As we see with Official Trump, Solana is the go-to blockchain for meme coin launches.
The interest around the new TRUMP coin has led to a 10% pop in the SOL price – the coin is now trading at a new local high of $232. Congestion on the network is back in evidence as money pours into $TRUMP. Solaxy’s Layer 2 aims to fix those sorts of problems. Solaxy has raised $11 million in presale and is currently priced at just $0.001604.
MIND of Pepe ($MIND) token is just out of the gate with its ICO, and has raised $2.1 million in little more than two days for its AI agent token – it is the first AI agent to target the Pepe brand. $MIND is priced at $0.0031509.
Finally, staying with the Pepe theme, Wall Street Pepe ($WEPE) token has raised $51 million for its alpha trading ecosystem, which will enable ordinary retail investors to take on the whales and win. There are less than 29 days to go before this giant presale ends.
Go the Best Wallet app’s ‘Upcoming Tokens’ feature to get in on the ground floor of coins with the potential to explode. And by the way, Best Wallet ($BEST) token is also in presale.
You can buy all of the aforementioned presale coins in the new Web3 crypto wallet Best Wallet. If you don;t already have Best Wallet, it can be downloaded from Google Play or the Apple App Store.
The post New TRUMP Meme Coin Could hit $100 Billion Market Cap By Inauguration Day, But is It For Real? appeared first on Cryptonews.
