Crypto traders are reaping substantial profits following the launch of Official Trump (TRUMP), a Solana-based memecoin introduced by US President-elect Donald Trump. Announced on January 17, just days before his inauguration as the 47th president of the United States, TRUMP quickly reached a market cap of nearly $9 billion, surpassing other popular memecoins like Pepe and Bonk.
Trump promoted the memecoin on his social media platforms, stating, "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."
Source: Donald Trump
While some in the crypto community speculated that the announcement could be a result of a hack, sources close to Trump’s family confirmed to Cointelegraph that the project is legitimate and linked to his non-fungible token (NFT) ventures.
Key Takeaways
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The TRUMP memecoin launched with a market cap of nearly $9 billion.
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High-profile trades have led to significant profits for early investors.
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The project is tied to Trump's NFT initiatives.
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Solana's decentralized exchange (DEX) volumes surged to record highs following the launch.
Traders Reap Profits in Hours
A wave of high-profile trades highlighted the token’s meteoric rise. Blockchain analytics firm Lookonchain reported that a wallet named “LeBron” turned a $1 million USD Coin investment into over $2 million by acquiring 4.52 million TRUMP tokens just minutes after the launch.
Another trader transformed a $1.1 million investment into $70 million in under four hours. This individual sold 1.35 million TRUMP for 3.65 million USDC while retaining 4.62 million tokens valued at $67.5 million.
Meanwhile, a pseudonymous crypto trader known as 0xsun purchased nearly 1 million TRUMP tokens with 3,000 Solana, worth $653,000. By selling part of their holding for $812,000, they netted over $3.7 million in profit.
Whales Join the Action
Large investors, often referred to as “whales,” also jumped into the fray. One whale withdrew 61,205 SOL — worth over $14.3 million — from crypto exchange OKX to buy 1.27 million TRUMP tokens. Another spent 8.5 million USDC to purchase 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, reflecting a staggering increase of 10,222% since launch. The trading volume reached $1.71 billion across 227,625 transactions, according to Dexscreener.
Solana’s DEX Volumes Hit Record Highs
The launch of TRUMP propelled Solana’s decentralized exchange (DEX) volumes to a record $12.9 billion within 24 hours, as reported by CoinGecko. Among the DEXs trading TRUMP, Meteora led with over $4 billion in 24-hour volume, followed by Orca and Raydium. Centralized exchanges, including Bybit, HTX, Gate, and Bitget, have also listed the token.
The project’s website outlines a total supply of 1 billion tokens, set to be released over three years. At launch, 200 million tokens were made available, with the remaining 800 million gradually distributed over 36 months. CIC Digital will receive 80% of the total supply in six allocations, unlocking linearly over 24 months following an initial lock-up period of three to 12 months. The remaining tokens include 10% reserved for liquidity and 10% for public distribution, fully unlocked at launch.
This unprecedented trading frenzy surrounding Trump's Solana memecoin has not only generated significant profits for traders but has also highlighted the volatile nature of the cryptocurrency market, where fortunes can be made or lost in a matter of hours.