Trump Promotes Memecoin? Is It Real or Is His Account Hacked?
The crypto industry is currently abuzz with discussions about a post on Donald Trump's official social media account. He said he was promoting a new memecoin based on Solana. However, many doubt whether this is real or whether his account was hacked, especially since this happened right before his inauguration as US president again on January 20.
So, here’s the story. In a January 18th post on X (formerly Twitter), Trump wrote, “The NEW Official Trump Memecoin is here! It’s time to celebrate what we stand for: WINNING! Join my special Trump community. HURRY UP AND GET YOUR TRUMP NOW.”
Well, the memecoin named Official Trump (TRUMP) was also shared on Truth Social, Trump's social media platform. And believe it or not, in just three hours after it was created, its price had reached $8.41 with a market cap of $8.3 billion! This data is from the memecoin trading platform, Moonshot.
Many are Confused and Asking
Some people in the crypto community are still confused about whether it is real or fake. Max Schwartman, CEO of BecauseBitcoin, said in his post on X that if this is a hack, it could make Trump no longer bullish on crypto when he is inaugurated (aka bearish for the market). But if this is real? "It's crazy, this quarter is going to be a mess," he said.
There is also JRNY Crypto, who is confused as to why there is no clarification from the Trump team about the veracity of this project, other than just social media posts. "If it's real, why isn't there an official statement?" he said.
Crypto trader Edward Morra has a bad feeling about this. He said that even if this is legit, it will end in chaos and cause a market crash near the inauguration day.
There are those who are sure it is genuine, but still don't dare to buy it
Some people like Daniel Got Hits said he had a feeling it was real, but still didn’t want to take the risk. “I wouldn’t touch this token even with a 10-meter pole,” he told his followers on X.
Crypto analyst Will Clemente said he was surprised to see Solana surge after the TRUMP memecoin launched. Solana’s price rose 4.12% to $228. “What the heck happened?” he asked his followers.
What Impact Does It Have on the Crypto World?
What's even more exciting is that Trump is reportedly going to issue an executive order making crypto a national priority when he returns to office. Wow, if true, this will be a huge breakthrough for the crypto industry.
What do you think? Legit or hoax? If it's true, do you dare to invest?