Trump’s Alleged Endorsement of Solana-Based Memecoin Sparks Industry Frenzy
As Donald Trump prepares for his Jan. 20 presidential inauguration, a surprising development has emerged in the crypto world. Posts from Trump’s official social media accounts promoting a new Solana-based memecoin, "Official Trump (TRUMP)," have left the industry speculating about their authenticity.
On Jan. 18, Trump posted on X: "My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR TRUMP NOW." A similar message appeared on Trump’s Truth Social account. The TRUMP memecoin skyrocketed to $8.41 just three hours post-launch, reaching a market cap of $8.3 billion, a memecoin trading platform.
However, skepticism abounds. Some in the crypto community suspect Trump’s accounts may have been compromised, casting doubt on whether the promotion is genuine.
Divided Opinions
Some analyst, suggested a potential hack could weaken Trump’s pro-crypto stance. However, if the posts are legitimate, the crypto market could experience unprecedented volatility in the coming months.
Others, question why Trump's advisors haven't officially validated the project beyond social media.
Enthusiasm With Caution
Some industry voices sense the memecoin could be legitimate, feeling that the posts were genuine but refrained from engaging with the token, tweeting, “I’m not touching this thing with a ten-foot pole.”
Solana's showed some unusual market activity following TRUMP’s launch. Solana's price rose 4.12%, climbing to $228 as investors scrambled to jump aboard the TRUMP hype. “What is going on?” Clemente questioned.
Broader Implications
The timing of the posts is noteworthy. As Trump’s inauguration nears, reports suggest he may sign an executive order prioritizing cryptocurrency on a national scale. If true, this could mark a transformative moment for the crypto industry.
For now, the question lingers: Is Trump genuinely backing a Solana-based memecoin, or has his account been compromised in a high-profile breach? The answer could have far-reaching implications for both his presidency and the cryptocurrency landscape.