President-elect Donald Trump has launched a memecoin dubbed Official Trump ($TRUMP). He announced the milestone on X after the new cryptocurrency went live on Solana on the evening of January 17. This is only three days before Trump’s inauguration. TRUMP Launch With 200 Million Tokens The new memecoin is designed to capitalize on the popularity of a certain personality, movement, or viral internet trend. It traded at $28.00 at press time, corresponding with 331.65% in 24 hours per data from CoinMarketCap. According to the official website for the token, 200 million TRUMP was made available upon the launch of the memecoin. The plan is to increase the supply to one billion over three years. This total includes the tokens held by Trump’s insiders, including CIC Digital LLC and Fight Fight Fight LLC, which together own 80% of the supply. Hacked? Or Real Token Launch? Crypto enthusiasts on X are questioning the veracity of Trump’s announcement. Shortly after the launch, rumors of a potential hack began making the rounds on social media. Netizens are concerned that his X account may have been hacked. BecauseBitcoin CEO Max Schwartman noted that the rumors could jeopardize Trump’s pro-crypto stance if the rumors are true. However, he quickly acknowledged that the legitimacy of the token launch could also cause things to “get absolutely out of control this quarter.” For now, no other information has emerged to question the genuity of the token launch. Despite this, TRUMP has reached a market cap of $5.55 billion in less than 24 hours. US Crypto Landscape Expects Changes Generally, renewed hope for a more favorable crypto landscape in the US is building amongst residents. Crypto enthusiasts expect a significant shift in cryptocurrency regulations. Greg Cipolaro, the global head of research at the New York Digital Investment Group (NYDIG), thinks otherwise. He has urged Americans to exercise caution, suggesting immediate changes to crypto policy may not be realistic . “Key officials still need to be named, those already selected require Senate confirmation, and these individuals must then assemble their teams,” Cipolaro said, while explaining that the entire process will take time. The post Donald Trump Launches Solana-based Memecoin $TRUMP appeared first on TheCoinrise.com .
