Crypto traders have quickly capitalized on the launch of Official Trump (TRUMP), a Solana-based memecoin introduced by U.S. President-elect Donald Trump.
Unveiled on Jan. 17, just before Trump’s inauguration as the 47th president, TRUMP reached a market cap of nearly $9 billion within hours, surpassing popular memecoins like Pepe and Bonk.
“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR TRUMP NOW,” Trump announced on Truth Social and X.
While some in the crypto community questioned the authenticity of the project, a source close to Trump’s family confirmed to Cointelegraph that the initiative is legitimate and ties into his existing NFT ventures.
A surge of trades underscored the token’s rapid rise. Blockchain analytics firm Lookonchain reported that a wallet named “LeBron” turned a $1 million investment into over $2 million by acquiring 4.52 million TRUMP tokens shortly after launch.
Another trader made $70 million in under four hours, converting an initial $1.1 million investment into significant profits by selling 1.35 million TRUMP for 3.65 million USDC while keeping additional tokens valued at $67.5 million.
Pseudonymous trader 0xsun also saw substantial gains, purchasing nearly 1 million TRUMP tokens with 3,000 Solana (worth $653,000) and later selling part of their holdings for $812,000, netting over $3.7 million in profit.
Whales joined the frenzy as well, with one withdrawing 61,205 SOL, valued at $14.3 million, to purchase 1.27 million TRUMP tokens. Another whale spent 8.5 million USDC to acquire 1.03 million tokens at an average price of $8.28.
At the time of writing, TRUMP traded at $18.82 with a market cap of $4.28 billion, a 10,222% increase since launch. The project’s website details a total supply of 1 billion tokens, with 200 million unlocked at launch and the remainder distributed over three years.