Crypto President Trump and his $8 billion Meme Coin

Author: shaofaye123 , Foresight News

At 10 AM on January 18, the Trump social account launched the personal meme coin TRUMP. Due to the lack of official news, the community speculated that the account might have been hacked.

Subsequently, Moonshot launched TRUMP, and Trump's official Twitter account tweeted again to promote the TRUMP token. It quickly reached a market cap of $8 billion, with trading volume exceeding $1 billion, making it hard to distinguish between authenticity and fraud, leading to a gamble to earn first.

Token Information Overview

The image of the TRUMP token is derived from a photo taken on July 13, 2024, when Trump raised his hands after surviving an assassination attempt, shouting the iconic battle cry "FIGHT."

The website GetTrumpMemes.com states that Trump Memes aims to express support and participation in the ideals and beliefs represented by the "TRUMP" symbol and its related artworks, and is not intended to be an investment opportunity, investment contract, or any type of security. Currently, it has launched on Moonshot, supporting traditional payment methods such as Apple Pay, Visa, Mastercard, and Venmo, with on-chain trading volume exceeding $10.

The total supply of TRUMP tokens is 1 billion, with 200 million in circulation, and the remaining 800 million will be gradually unlocked over the next 3 years. The Trump Group's subsidiaries CIC Digital LLC and Fight Fight Fight LLC jointly own 80% of TRUMP, but must adhere to a 3-year unlocking plan. The owners of Fight Fight Fight LLC, CIC Digital LLC, and Celebration Cards LLC will receive transaction revenue generated from Trump Cards trading activities.

TRUMP briefly reached $8 billion, other related meme tokens fell sharply

After the token launch, its market cap soared after a brief correction, breaking through $8 billion, with trading volume exceeding $1.3 billion within 2 hours.

Some became overnight millionaires while others saw their positions halved. Many savvy investors profited significantly from this trade, with dozens of addresses making over $2 million in total profit on TRUMP. KOL 0xsun.sol spent 3,000 SOL ($653,000) to purchase 999,895 TRUMP, and after selling 199,895 TRUMP, he made nearly $4 million in profit, with the address's unrealized gains still increasing.

However, other tokens on-chain performed poorly. Except for FIGHT, which rose over 40% and briefly surpassed a market cap of $30 million, other related memecoins fell sharply, with TRUMP down 25% and MAGA down 32%.

What’s the truth?

Since the launch of TRUMP, there has been much debate about the authenticity of the token. The token's price has also fluctuated greatly, with a 300% swing in just 3 minutes. Its market cap rose to $2 billion before quickly retreating to around $70 million, then surged past $8 billion.

Market controversies abound, with some FUDding it as a hacker attack. Market analyst TylerD posted on the X platform analyzing, "The Trump meme coin TRUMP, based on the current situation, is likely a hacker attack. The related domain is registered at a random office building in Arizona, and the domain proxy address is hidden (usually used by scammers). When you look up the phone number, numerous responses about cryptocurrency-related scam calls pop up."

Spotonchain also tweeted that on-chain data shows the token owner is 5e2qRc, funded by DKbF4. That address received SOL from Gate and Binance exchanges 2 days and 10 days ago, respectively. It has not used the U.S. exchange Coinbase.

Others have recharged their faith, software engineer cygaar pointed out that the deployment of the new Trump memecoin website is almost identical to the previous NFT site. The same Cloudflare settings, the same Heroku deployment, the same SSL certificate issuer, and the HTML structure are also very similar to the previous one. Moreover, the Trump memecoin website was established after considerable effort, using Cloudflare to protect the site from DDoS attacks, with the SSL certificate issued on December 21, 2024, indicating that the site has been in preparation for some time.

With the authenticity of the information hard to discern, the market cap continues to rise. With the return of the "King of Knowledge," is the spring of cryptocurrency about to arrive?