Official Trump Memecoin Hits $9 Billion: Real Venture or Security Breach?
Since US President-elect Donald Trump created Official Trump (TRUMP), a Solana-based memecoin, cryptocurrency traders have been making millions. Within hours of his announcement on January 17, a few days before he was to take office as the 47th president of the United States, TRUMP’s market value surpassed meme coins like Pepe and Bonk to about $9 billion. The statement may have been a hacking attempt, according to some in the crypto industry, but sources close to Trump’s family told Cointelegraph that the initiative is real and connected to his NFT ventures.
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Whales and Traders Fuel TRUMP Memecoin’s Explosive Growth with Multi-Million-Dollar Buys
A few significant transactions emphasized the token’s explosive growth. According to blockchain analytics company Lookonchain, a wallet called “LeBron” purchased 4.52 million TRUMP tokens minutes after the debut, converting a $1 million USD Coin investment into over $2 million. Concurrently, a pseudonymous cryptocurrency dealer named 0xsun used 3,000 Solana to buy about 1 million TRUMP tokens, totaling $653,000.
Also jumping in were whales. One whale purchased 1.27 million TRUMP tokens with 61,205 SOL, or more than $14.3 million, that he took out of the cryptocurrency market OKX. To buy 1.03 million tokens at an average price of $8.28, another person paid USDC 8.5 million.
TRUMP Token Launch Boosts Solana DEX Volumes to Record $12.9 Billion in One Day
According to the project’s website, one billion tokens will be distributed over the course of three years. About 20% of the 200 million tokens were unlocked upon launch, with the remaining 800 million being dispersed over the course of 36 months. CIC Digital, which is associated with Trump’s NFT endeavors, will be given 80% of the total supply in six distributions. After an initial lock-up period of three to twelve months, these will unlock linearly over a 24-month period. The remaining tokens, which will be completely unlocked upon launch, consist of 10% set aside for liquidity and 10% for public distribution.
According to CoinGecko, the launch of TRUMP boosted Solana‘s decentralized exchange (DEX) volumes to a record $12.9 billion in just one day. Meteora led the DEXs trading TRUMP with over $4 billion in 24-hour volume, followed by Raydium and Orca.
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