On January 18, 2025, the cryptocurrency market witnessed a significant event with the launch of the “OFFICIAL TRUMP” ($TRUMP) memecoin on the Solana (SOL) blockchain. The price soared more than 300% in less than 24 hours.
Official Trump became a top 30 cryptocurrency overnight.
Donald Trump announced the token on Truth Social and
Official Trump 15-minute candle chart. Source: TradingView
Within three hours of launch, TRUMP’s market capitalization soared to a whopping $8 billion, entering the top 30 cryptocurrencies. TRUMP’s market capitalization is currently $5.7 billion, with a fully diluted market value of $28.5 billion.
relevant: After Trump’s team confirmed the launch of the Solana memecoin, traders raised millions of dollars.
This meteoric rise was fueled by a 300% surge in value shortly after its debut, with trading volume approaching $1 billion.
The launch of TRUMP had a significant impact on the Solana ecosystem. Tokens built on Solana have attracted traders’ interest in memecoin creation and significantly increased trading volume.
Solana’s native token, SOL, rose significantly in price, hitting an all-time high of over $270 on the day.
The jump was part of a broader trend that saw increased interest in Solana-based memecoins and DeFi projects shifting liquidity away from other networks such as Ethereum. On other networks, such as Ethereum, these changes have caused the value of several popular memecoins to fall.
Moreover, the price of SOL surged to an all-time high of 0.081 against Ether (ETH) due to the launch of the TRUMP memecoin.
SOL/ETH 1 week candle chart. Source: TradingView
One wallet owns 80% of TRUMP
The launch of TRUMP Coin was not without controversy or skepticism. However, there are concerns about the legitimacy of the project due to Trump’s unconventional venture history, concerns that his social media accounts will be compromised, and concerns that 80% of the tokens are concentrated in a single wallet.
Arkham Intelligence commented on X:
Assuming that CIC Digital LLC and Fight Fight Fight LLC, which collectively own 80% of the $TRUMP supply, are in fact owned by Donald Trump, his net worth would have increased by $22 billion overnight.
Moreover, at the current price of about $28, the stake is worth $22.4 billion.
“Forbes estimates the president-elect’s net worth in November 2024 to be $5.6 billion,” Arkham added.
If this is accurate, memecoin stake additions will increase by 5x.
Despite the controversy, the event marked a significant moment for Solana, highlighting its ability to handle massive transaction volumes and its appeal for high-profile projects.
The launch also sparked discussion about the volatility these popular memecoins have introduced to the broader cryptocurrency market, highlighting the unpredictable nature of cryptocurrency trading.
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.