Вікторія Горбік Crypto 18 January 2025, 12:01

Trump launches memecoin on Solana and in less than three hours the token's market cap has grown to $8 billion

US President-elect Donald Trump is launching the $TRUMP memecoin on the Solana blockchain platform.

«My new official TRUMP meme is here!» the US president wrote on X (Twitter), encouraging people to go to gettrumpmemes.com and «have fun.»

Less than three hours after the token’s launch, its market capitalization has grown to $8 billion. The reason for the growth, as I understand it, is due to fears that its social media accounts may have been compromised, Crypto Briefing writes .

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In the first three minutes after the announcement, according to GeckoTerminal data, the value of $TRUMP increased by more than 300% in the first three minutes after the announcement, and trading volume approached $1 billion.

Five hours ago, the token was trading at $8.5. At the time of publication, the value was $18.35.

According to Cygaar, a blockchain engineer cited by Crypto Briefing, the new Trump meme project is likely created by the team behind the US president’s previous NFT project, as their websites share several technical similarities.

Explaining his point, Sigaaar emphasized that the website has the same Cloudflare setup, the same deployment with Heroku, the same SSL certificate issuer. He noted that both websites were deployed using Heroku, and their HTML structure is very similar.

«Either this is the biggest cyber robbery of all time, or it’s legal,» added Sigaar.