On Jan. 18, 2025, the cryptocurrency market witnessed a significant event with the launch of the "OFFICIAL TRUMP" ($TRUMP) memecoin on the Solana (SOL) blockchain. Its price has soared over 490% in less than 24 hours.
OFFICIAL TRUMP becomes top 30 crypto overnight
Donald Trump has announced the token from his official accounts on Truth Social and X, and the token’s introduction led to a whirlwind of activity, capturing headlines and the attention of traders worldwide.
OFFICIAL TRUMP 15-min candle chart. Source: TradingView
Within just three hours of its launch, TRUMP’s market capitalization soared to an astonishing $8 billion, putting it into the top 30 cryptocurrencies. TRUMP’s market cap is currently at $5.7 billion, with a fully diluted market value of $28.5 billion.
Related: Traders bag millions as Trump team confirms launch of Solana memecoin
This rapid rise was fueled by a near 500% surge in value shortly after its debut, with 24-hour trading volumes exceeding $12 billion.
The launch of TRUMP had a profound impact on the Solana ecosystem. The token, which was built on Solana, has attracted traders’ attention for memecoin creation and significantly boosted its trading volumes.
Solana’s native token, SOL, experienced a notable jump in price, rising to hit a new all-time high above $270 on the day.
This jump was part of a broader trend where Solana-based memecoins and DeFi projects saw increased interest, leading to a shift in liquidity from other networks like Ethereum, where several prominent memecoins saw dips in value due to this shift.
Moreover, SOL price has jumped against Ether (ETH) to a new all-time high of 0.081, largely due to the launch of the TRUMP memecoin.
SOL/ETH 1-week candle chart. Source: TradingView
80% of TRUMP owned by one wallet
The TRUMP coin launch was not without controversy or skepticism; however, with concerns about the legitimacy of the project due to Trump’s history with unconventional ventures, concerns about his social media accounts being compromised, and the concentration of 80% of the tokens in a single wallet.
Arkham Intelligence noted on X:
Donald Trump's net worth is up $22 billion overnight, assuming CIC Digital LLC and Fight Fight Fight LLC, which collectively own 80% of the $TRUMP supply, effectively belong to him.
What’s more, at the current price of around $28, that stake is worth $22.4 billion.
“Forbes estimated the President-elect’s net worth at $5.6 billion in November 2024,” adds Arkham.
If this is accurate, the addition of the memecoin stake would be a 5x increase.
Despite these debates, the event has undeniably marked a significant moment for Solana, highlighting its capacity to handle massive trading volumes and its appeal for high-profile projects.
The launch has also stirred discussions on the volatility introduced by such high-profile memecoins into the broader crypto market, underlining the unpredictable nature of cryptocurrency trading.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.