Everyone in the crypto-world was taken by surprise on January 18, 2025, when the "Official Trump" ($TRUMP) memecoin was launched on the Solana blockchain. This unexpected move was announced via Donald Trump's social media accounts, and the users were directed to purchase the token.
$TRUMP token quickly reached a market capitalization of $13.3 billion (at the time this is being written) and was listed on major exchanges like Bitget, Binance and KuCoin within a few hours.
The token launched with 200 million tokens in circulation and a total supply of up to 1 billion.
TRUMP token's launch also boosted Solana's native token (SOL), pushing it to an all-time high of $287.
Many questions have been raised about long-term sustainability, its implications for other chains such as Ethereum and also about the number of wallet owners.
If you visit the owners list here, you will see that one wallet holds the 80% of the token supply
According to bubblemaps on X, there are some suspicious trades going on
- suspicious trades on $TRUMP? 🚨
- address 6QSc2 was funded 4 hours before launch and bought $1M in the FIRST minute
- they sold $20M and still hold $96M 🧵
If this was any other coin, we would immediately say
- POTENTIAL RUG 🚨🚩
But this is Trumps token - and tomorrow is his Inauguration day as the New President of the United States.
So what does this tell you ?
I cannot trust this coin right now to buy any amount. When I learnt about it, it had already climbed to 22$ and now it sits at $75
I know people who made already thousand of dollars, but I cannot take that risk.
I would like to know your thoughts.
Did you learn about it on time?
Did you buy or trade it in the futures?
If yes to any of the above, what are your thoughts and actions for the future?
Is there a rug pull coming?
Thanks in advance for your thoughts on this
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