Trump’s Solana-Based Memecoin, TRUMP, Ignites a Frenzy Among Crypto Traders
The launch of Official Trump (TRUMP), a Solana-based memecoin endorsed by U.S. President-elect Donald Trump, has created a whirlwind in the cryptocurrency market. Announced on January 17, just days before his inauguration as the 47th president, TRUMP surged to a market capitalization of nearly $9 billion within hours, eclipsing popular memecoins such as Pepe and Bonk.
Trump himself took to Truth Social and X to promote the token, stating:
"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.”
While initial speculation suggested the announcement might be the result of a hack, a source close to Trump’s family confirmed the project’s authenticity. The memecoin aligns with Trump’s broader ventures in the crypto space, including his NFT initiatives.
Traders Cash In on TRUMP’s Meteoric Rise
The TRUMP token’s debut saw traders quickly capitalize on its explosive growth. Blockchain analytics firm Lookonchain highlighted several high-profile trades that showcased the token’s volatility and profit potential:
- A wallet nicknamed “LeBron” turned a $1 million investment into over $2 million within minutes by purchasing 4.52 million TRUMP tokens.
- Another savvy trader transformed $1.1 million into an astounding $70 million in under four hours, selling 1.35 million tokens for 3.65 million USDC while retaining 4.62 million TRUMP valued at $67.5 million.
- The pseudonymous trader 0xsun bought nearly 1 million TRUMP tokens using 3,000 Solana, valued at $653,000. After selling part of their holdings for $812,000, they walked away with over $3.7 million in profit.
Whale Activity Drives Momentum
Large-scale investors, commonly referred to as whales, made significant moves in TRUMP trading. For instance:
- One whale withdrew 61,205 SOL (valued at $14.3 million) from OKX to purchase 1.27 million TRUMP tokens.
- Another investor spent 8.5 million USDC to buy 1.03 million tokens at an average price of $8.28.
As of writing, TRUMP is trading at $18.82, boasting a market cap of $4.28 billion. The token has surged 10,222% since its launch, generating $1.71 billion in trading volume across over 227,000 transactions, according to Dexscreener.
Tokenomics and Supply Distribution
The TRUMP tokenomics outline a total supply of 1 billion tokens, distributed over three years. At launch, 200 million tokens—20% of the total supply—were made available, while the remaining 800 million will unlock incrementally over the next 36 months.
The allocation breakdown includes:
- 80% to CIC Digital: This portion, tied to Trump’s NFT ventures, will unlock linearly over two years following an initial lock-up period of three to 12 months.
- 10% for Liquidity: Fully unlocked at launch to ensure smooth trading.
- 10% for Public Distribution: Also fully unlocked at launch.
Solana DEX Volumes Soar
The launch of TRUMP triggered unprecedented activity on Solana-based decentralized exchanges (DEXs), with trading volumes hitting a record $12.9 billion within 24 hours, as reported by CoinGecko.
Among the DEXs facilitating TRUMP trades:
- Meteora led the pack with over $4 billion in 24-hour trading volume.
- Orca and Raydium followed closely, handling substantial portions of the traffic.
Centralized exchanges, including Bybit, HTX, Gate, and Bitget, also moved quickly to list TRUMP, further amplifying its exposure.
A New Era for Memecoins?
TRUMP’s debut marks a significant moment in the memecoin market, with its combination of high-profile endorsements and explosive trading activity drawing attention from across the crypto space. As the token continues to capture headlines and drive record trading volumes, it remains to be seen whether this marks the start of a broader trend or a singular moment in crypto history.