An unexpected development took place tonight as the new President of the United States, Donald Trump, launched his own official memecoin, Official Trump (TRUMP).
Trump first announced the launch of the memecoin in his statement on his social media platform Truth Social and shared the contract address. The new memecoin operates on the Solana network.
Initially, there were suspicions that Donald Trump’s account might have been hacked and that the shared altcoin could be a scam. However, recent information suggests that this memecoin was indeed created by Trump.
80% of the memecoin’s total supply is locked in the founder’s multisig wallet. Having surpassed the $1 billion market cap mark just minutes after its launch, the memecoin now has a market cap of over $4 billion at the time of writing.
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With a fully diluted market value of around $22 billion, the altcoin has already surpassed Trump’s personal fortune of $6.8 billion.
TRUMP was soon listed on the spot market by Bybit, and later on the futures market by Binance.
The official website of the token claims that TRUMP is not a security.
*This is not investment advice.
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