Crypto markets erupted following the launch of Official Trump (TRUMP), a memecoin built on Solana and endorsed by U.S. President-elect Donald Trump. Announced on Jan. 17, just days before his inauguration as the 47th President of the United States, the token skyrocketed to a market cap of nearly $9 billion within hours, surpassing established memecoins like Pepe and Bonk.
The President took to Truth Social and X to share the news:
“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.”
While rumors of a potential hack circulated in the crypto community, a source close to the president’s family confirmed that the project is legitimate and linked to his previous NFT ventures.
Early Investors Reap Massive Gains
Blockchain analytics firm Lookonchain highlighted several high-profile trades within hours of the token’s launch. A wallet labeled “LeBron” turned a $1 million USDC investment into over $2 million by acquiring 4.52 million tokens shortly after trading began.
One trader made headlines by transforming a $1.1 million investment into a staggering $70 million in under four hours. This was achieved by selling 1.35 million TRUMP for 3.65 million USDC while retaining tokens valued at $67.5 million.
Another pseudonymous trader, 0xsun, purchased nearly 1 million TRUMP tokens for 3,000 SOL (approximately $653,000). They later sold part of their holdings for $812,000, netting over $3.7 million in profits.
Whales Dive In to Buy TRUMP
Major crypto investors, or “whales,” also joined the action. One whale withdrew 61,205 SOL (worth over $14.3 million) from OKX to purchase 1.27 million tokens. Another spent 8.5 million USDC to acquire 1.03 million tokens at an average price of $8.28.
As of writing, the token is trading at $18.82, with a market cap of $4.28 billion — a 10,222% surge since launch. The token has generated $1.71 billion in trading volume across 227,625 transactions, according to Dexscreener.
The project outlines a total supply of 1 billion tokens, distributed over three years. At launch, 200 million tokens were unlocked, with the remaining 800 million set for gradual release over 36 months.
