Donald Trump, who is set to become president, has made another move into the realm of cryptocurrencies by introducing a meme coin on the Solana platform, known as “Official Trump” (TRUMP).
The event has sparked a lot of trading action, yet it has also brought up concerns about its authenticity, distribution, and possible safety issues.
Trump’s ‘Official’ Meme Coin
On January 18th, Trump unveiled plans for a new meme cryptocurrency called TRUMP, which he shared on both his verified X and Truth Social platforms.
I’ve just released my latest official meme featuring our shared values of triumph! I invite you to join my exclusive Trump community as we celebrate what we believe in – victory!” (The President-elect announced this on platform X)
The meme coin, according to its website, is influenced by a surviving alleged assassination attempt on July 13, 2024, during his political campaign. Its symbolic image features Trump with an uplifted fist and the phrase “Fight On, Fight On, Fight On,” mirroring his actions that day.
The website declared that this Trump Meme honors a figure who never flinches, even when faced with seemingly insurmountable obstacles.
The project’s online platform explains its token distribution strategy, which involves a grand total of one billion tokens being gradually released over a period of three years. At present, approximately 200 million tokens can be bought and sold on various trading platforms. Out of this total supply, just 20% has been set aside for public circulation and market liquidity.
Approximately 80% of the total is allocated across six different entities, one of which is CIC Digital Groups, a firm under Trump’s trust that has been involved in managing his previous Non-Fungible Token (NFT) projects.
Crypto Experts Flag Red Flags in Trump’s Meme Coin
The token launch has sparked a wave of interest and concerns within the crypto community.
Conor Grogan, representing Coinbase, identified the high concentration of token ownership as a major concern. Specifically, he pointed out that approximately 80% of the total tokens, valued at around $3 billion, are stored in a multisignature wallet managed by the tokens’ creator.
As an analyst, I’ve observed that the leading five digital wallets control more than 90% of the total circulation, which raises suspicion about potential market manipulation due to their significant influence.
SpotOnChain, a blockchain analysis firm, pointed out some peculiar activities in the project. Initially, it obtained funding in SOL from Gate.io and Binance, yet it chose to stay away from well-known US exchanges such as Coinbase. This difference has sparked doubts about the token’s legitimacy and hidden objectives among some observers.
Data obtained from the blockchain indicates that the token holder’s wallet is 5e2qRc, which has been funded by DKbF4. Notably, this wallet received SOL tokens from Gate.io just two days prior and Binance approximately 10 days ago, according to SpotOnChain’s findings.
Concerns about a possible hacking incident exist, given the increasing frequency of social media security breaches. Nevertheless, data from Polymarket indicates a relatively small chance, around 10%, that Donald Trump’s accounts may have been infiltrated.
To further complicate matters, the Trump-linked Truth Social platform published seemingly unrelated posts, like announcing Peggy Schwinn’s appointment as Deputy Secretary of Education, in quick succession following the revelation about the memecoin.
Furthermore, Cygaar, a blockchain engineer, noted a striking similarity between the technical foundation of the meme coin’s website and Donald Trump’s previous NFT initiatives, implying possible collaboration in the development process.
“The new Trump memecoin website is deployed almost identically to his previous NFT website. Same cloudflare setup, same deployment with Heroku, same SSL certificate issuer. Very similar HTML structure as before,” Cygaar stated.
In spite of the widespread doubt, there’s been significant market action surrounding TRUMP. As per Dexscreener’s reports, the token has soared almost 3,000% since its launch, with a trading price of $13.23 at the time of this update.
This surge propelled its total market value (FDV) to an astounding $13 billion, as daily trading volume surpassed the hundreds of millions. Notably, prominent platforms such as Bybit and Jupiter have declared their intentions to feature TRUMP in their upcoming listings.
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2025-01-18 13:53