NAIROBI (Bingcrypto.com)— The launch of Donald Trump’s Solana-based memecoin, TRUMP, has ignited a trading frenzy. Announced on Jan. 17, days before his inauguration as the 47th U.S. president, the token skyrocketed to a $9 billion market cap within hours, outpacing popular memecoins like Pepe and Bonk.
Trump’s post on Truth Social and X introduced the token, urging supporters to join his “Trump Community.” While some speculated the announcement might be a hack, sources close to Trump confirmed the project’s legitimacy, linking it to his non-fungible token (NFT) ventures.
Traders Reap Massive Profits
TRUMP’s launch saw traders capitalizing on high volatility. A wallet identified as “LeBron” turned a $1 million investment into $2 million by acquiring 4.52 million tokens shortly after launch. Another trader converted $1.1 million into $70 million in under four hours, selling 1.35 million TRUMP tokens while holding onto 4.62 million tokens valued at $67.5 million.
Prominent crypto trader 0xsun also profited significantly, purchasing 1 million TRUMP tokens for 3,000 Solana, worth $653,000. Partial sales earned the trader over $3.7 million in profits.
Whale Activity Drives Trading Volume
One whale purchased 1.27 million TRUMP tokens using 61,205 Solana, valued at $14.3 million. Another investor spent 8.5 million USD Coin to acquire 1.03 million tokens at an average price of $8.28.
TRUMP currently trades at $18.82, with a market cap of $4.28 billion. The token has generated $1.71 billion in trading volume across 227,625 transactions, according to Dexscreener.
Tokenomics and Impact on Solana
TRUMP’s tokenomics outline a total supply of 1 billion tokens, with 20% unlocked at launch and the remaining 80% distributed over three years. CIC Digital, tied to Trump’s NFT ventures, will receive 80% of the supply through six allocations.
The launch boosted Solana’s decentralized exchange (DEX) volumes to a record $12.9 billion in 24 hours. Meteora led trading activity with over $4 billion, followed by Orca and Raydium. Centralized exchanges, including Bybit, HTX, Gate, and Bitget, also listed TRUMP, further expanding its reach.
As Trump’s inauguration nears, the TRUMP token continues to draw attention, reshaping memecoin trends while highlighting the intersection of politics and cryptocurrency.
Leave a Reply