Crypto traders are raking in millions following the launch of Official TRUMP, the Solana-based memecoin introduced by US President-elect Donald Trump.
Announced on January 17th, just days before the inauguration of the 47th President of the United States, TRUMP reached a market capitalization of nearly $9 billion in a matter of hours, surpassing memecoins such as Pepe (PEPE) and Bonk (BONK). .
“My new official Trump Meme is here! Now is the time to celebrate everything we stand for. victory! Join my very special Trump community. “Go Trump now.” Trump posted on Truth Social and X.
While some in the cryptocurrency community speculated that the announcement could have been caused by a hack, sources close to the Trump family confirmed to Cointelegraph that the project is legitimate and connected to his non-fungible token (NFT) business.
relevant: Crypto execs plan to attend Trump inauguration – at a steep price
Traders make profits in just a few hours
A wave of high-profile transactions highlighted the token’s meteoric rise.
Blockchain analytics firm Lookonchain reported that a wallet named “LeBron” acquired 4.52 million TRUMP tokens within minutes of launch, turning a $1 million USD Coin (USDC) investment into more than $2 million.
Another trader turned a $1.1 million investment into $70 million in less than four hours. Individuals sold 1.35 million TRUMP for 3.65 million USDC and held 4.62 million tokens worth $67.5 million.
Meanwhile, pseudonymous cryptocurrency trader 0xsun purchased nearly 1 million TRUMP tokens with 3,000 Solana (SOL) worth $653,000. He sold part of his holdings for $812,000, netting more than $3.7 million.
Whales get in on the action
Large investors, or “whales,” also jumped in. One whale withdrew 61,205 SOL, worth over $14.3 million, from cryptocurrency exchange OKX to purchase 1.27 million TRUMP tokens. Another person spent 8.5 million USDC to purchase 1.03 million tokens at an average price of $8.28.
According to Dexscreener, TRUMP was trading at $18.82 at the time of writing and had a market capitalization of $4.28 billion, up 10,222% since launch and generating $1.71 billion in volume over 227,625 transactions.
The project website describes a total supply of 1 billion tokens scheduled to be released over three years. At launch, approximately 20% of the 200 million tokens were unlocked, with the remaining 800 million distributed gradually over 36 months.
TRUMP token allocation and issuance schedule. Source: GetTrumpMemes website.
In conjunction with Trump’s NFT venture, CIC Digital will receive 80% of the total supply across six allocations. This is unlocked linearly over 24 months, following an initial lock-in period of 3-12 months. The remaining tokens include 10% reserved for liquidity and 10% reserved for public distribution and will be fully unlocked at launch.
relevant: SEC sues Elon Musk alleging Twitter failed to go public
Solana DEX trading volume hits record high.
According to CoinGecko, the launch of TRUMP brought Solana’s decentralized exchange (DEX) trading volume to a record $12.9 billion in 24 hours.
Among DEXs trading TRUMP, Meteora recorded over $4 billion in 24-hour trading volume, followed by Orca and Raydium.
Centralized exchanges including Bybit, HTX, Gate, and Bitget have listed the token.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.
magazine: Stablecoin launches for cyber fraudsters, Sony L2 Drama: Asia Express