A new meme coin, Official Trump ($TRUMP), launched on the Solana blockchain at 2 AM UTC today, and it has already seen a staggering 2,386% price surge, reaching $18.086. With a trading volume of $564 million, the coin has rocketed to a fully diluted market capitalization of $18 billion, though 80% of its supply is currently locked. This has led to a flurry of speculation: Is $TRUMP a legitimate project, or is it a well-executed scam?
As of now, the $TRUMP coin is gaining serious traction, with some predicting the price could soar to $100 or more in the run-up to the upcoming presidential inauguration on Monday. The launch has attracted significant attention, with some anticipating that a series of crypto-friendly executive orders may come from the White House next week, potentially fueling further interest in the token. If momentum continues to build, $TRUMP could see its fully diluted market cap reach a massive $100 billion.
Social Media Backing or a Red Flag?
In an unusual twist, posts from official Donald Trump accounts, including Truth Social and Twitter, have seemed to endorse the legitimacy of the $TRUMP coin. While this may bolster confidence for some, it raises the stakes for the crypto community, who are divided on whether this is an authentic initiative or a sophisticated scam designed to exploit Trump supporters and meme coin enthusiasts alike.
The website gettrumpmemes.com claims that the $TRUMP token is “the only official Trump meme,” lending further legitimacy to the project. However, some red flags have been raised about the token’s deployment and development.
Potential Scams and Suspicious Backers
One of the main concerns around $TRUMP is its initial funding sources. According to crypto investigators, the token’s deployment contract suggests that it was seeded with funds from Binance and Gate, two exchanges that are not officially available in the United States. This raises questions about the true origins of the coin and whether it has any association with official Trump ventures.
Additionally, the coin's developers are using Heroku, an older cloud platform, which some crypto sleuths point out has been a common choice among Trump-related NFT projects. These similarities between $TRUMP’s approach and previous Trump NFT ventures have fueled further speculation that the coin may not be entirely what it claims to be.
The Inauguration Ball Mystery
At a crypto Inauguration ball held last night, there were reports that no one at the event had heard of the new $TRUMP token, despite its sudden surge in popularity. This could indicate that the coin’s release may not have had the widespread backing one might expect from a high-profile project associated with a former U.S. president.
In another twist, a company named FIGHT FIGHT FIGHT, which is prominently featured in $TRUMP’s branding, is reportedly registered in Delaware, though the registration screenshot lacks a date, raising further doubts about the legitimacy of the company behind the coin.
Elon Musk Weighs In
Elon Musk's response to a meme referencing $TRUMP further adds fuel to the fire. Musk replied to the post from crypto influencer Mario Nawfal with a laugh emoji, indicating his amusement or skepticism regarding the coin’s launch. Musk's lighthearted reaction may point to the uncertainty surrounding $TRUMP’s true nature.
The $TRUMP Alternative: MAGA Coin Suffering
As $TRUMP gains momentum, other Trump-themed coins, like MAGA Coin, are facing the heat. Holders of MAGA Coin are reportedly selling off their positions as they expect trading volume to shift toward the new $TRUMP token. This could potentially leave MAGA Coin holders with significant losses if the $TRUMP coin continues to grow in popularity.
Diversifying Risk with Other Meme Coins
For those considering investing in the $TRUMP token, experts suggest diversifying risk by exploring other early-stage coins with similar upside potential. Solaxy ($SOLX), for example, is the first Solana Layer 2 project and aims to address network congestion issues on Solana, which have been exacerbated by the surge in interest surrounding $TRUMP. Solaxy is currently priced at just $0.001604 and has raised $11 million in presale.
Another new token, MIND of Pepe ($MIND), has raised $2.1 million in just two days during its ICO. The token is an AI agent targeting the popular Pepe brand, and it is priced at $0.0031509. Meanwhile, Wall Street Pepe ($WEPE) is raising funds for an alpha trading ecosystem that aims to empower retail investors to take on the crypto “whales.” This project has already raised $51 million and will end its presale in less than 29 days.
Stay Vigilant and Informed
As with any speculative investment, especially in the volatile world of meme coins, it’s essential to approach the $TRUMP coin with caution. The project’s explosive growth and the involvement of notable figures like Donald Trump and Elon Musk may seem enticing, but red flags and concerns about its legitimacy abound. If you choose to invest, consider diversifying your portfolio with other promising projects to mitigate risk.
For those interested in exploring new opportunities, the Best Wallet app offers a feature called ‘Upcoming Tokens’ that lets users discover presale coins with massive growth potential. Best Wallet ($BEST) is also currently in presale and can be downloaded from Google Play or the Apple App Store.
As the $TRUMP token continues to attract attention, it remains to be seen whether it will emerge as a legitimate project or go down in crypto history as one of the most elaborate scams to date. Keep your eyes peeled and your risk tolerance in check.
January 2025, Cryptoniteuae