Donald Trump’s official social media accounts have created a stir by selling a Solana-based meme coin known as “Official Trump (TRUMP),” simply days earlier than his second presidential inauguration on Jan. 20.
The posts, shared on Jan. 18 through X (previously Twitter) and Reality Social, urged followers to hitch the “very particular Trump Neighborhood” by buying the token.
“My NEW Official Trump Meme is HERE! It’s time to have fun every part we stand for: WINNING! GET YOUR TRUMP NOW,” the submit declared.
Trump Meme Coin Hits $8.3 Billion Market Cap Inside Hours
The meme coin shortly garnered consideration, buying and selling at $8.41 inside hours of its creation and attaining a market cap of $8.3 billion, in response to Moonshot, a platform specializing in memecoin buying and selling.
The posts have ignited debates within the cryptocurrency group, with some questioning their authenticity and whether or not Trump’s accounts may need been hacked.
Max Schwartman, CEO of BecauseBitcoin, highlighted the potential implications of a hack.
“If it’s a hack, this may severely mute Trump’s bullishness on crypto proper as he takes workplace,” Schwartman famous on X, including {that a} respectable endorsement may result in chaotic market exercise.
I’m so confused by this… $TRUMP is sitting at 3B market cap. This should be a hack proper? No means he simply launched his personal memecoin… proper? Ideas…
1). If it’s a hack, then that is going to severely mute Trumps bullishness on crypto proper as he takes workplace (bearish)
2).… https://t.co/RqxBGVnzre— Max (@MaxBecauseBTC) January 18, 2025
Different commentators stay skeptical. JRNY Crypto questioned why Trump’s advisors haven’t confirmed the challenge’s legitimacy past social media posts.
Crypto dealer Edward Morra predicted dire penalties, stating, “It will finish badly in a method or one other and result in a common market sell-off going into the inauguration.”
Regardless of the excitement, some analysts are selecting to remain on the sidelines.
Crypto commentator “Daniel Bought Hits” instructed his 61,900 followers, “I’ve a intestine feeling that is actual, however I’m not touching this factor with a ten-foot pole.”
In the meantime, analyst Will Clemente noticed Solana’s value surge by 4.12%, reaching $228, as merchants scrambled to capitalize on the memecoin’s hype. “I’ve by no means seen something like this.
Solana’s value is ripping whereas on-chain exercise is tanking as individuals panic promote to FOMO into TRUMP,” Clemente mentioned.
Trump Anticipated to Signal Govt Order on First Day
The timing of the posts is especially notable, as Trump is anticipated to signal an govt order prioritizing cryptocurrency as a nationwide focus shortly after taking workplace.
As reported, Trump is anticipated to prioritize govt orders addressing crypto de-banking and revising a controversial financial institution accounting coverage.
The anticipated orders embody a repeal of a coverage launched beneath the Biden administration, requiring banks holding cryptocurrency to checklist the digital belongings as liabilities.
This coverage stems from the Securities and Trade Fee’s March 2022 Workers Accounting Bulletin, SAB 121, which has confronted resistance from the crypto trade.
The Trump staff has reportedly emphasised the urgency of reversing these measures, with sources near the discussions confirming their excessive precedence.
The crypto trade has lengthy criticized the Biden administration for what it perceives as a focused crackdown, sometimes called “Operation ChokePoint 2.0,” aimed toward severing the sector’s entry to monetary companies.
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