Trump Promotes Solana Meme Coin Days Before Inauguration, Sparking Hacking Concerns

Donald Trump’s official social media accounts have created a stir by promoting a Solana-based meme coin called “Official Trump (TRUMP),” just days before his second presidential inauguration on Jan. 20.

The posts, shared on Jan. 18 via X (formerly Twitter) and Truth Social, urged followers to join the “very special Trump Community” by acquiring the token.

“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! GET YOUR TRUMP NOW,” the post declared.

Trump Meme Coin Hits $8.3 Billion Market Cap Within Hours

The meme coin quickly garnered attention, trading at $8.41 within hours of its creation and achieving a market cap of $8.3 billion, according to Moonshot, a platform specializing in memecoin trading.

The posts have ignited debates in the cryptocurrency community, with some questioning their authenticity and whether Trump’s accounts might have been hacked.

Max Schwartman, CEO of BecauseBitcoin, highlighted the potential implications of a hack.

“If it’s a hack, this will severely mute Trump’s bullishness on crypto right as he takes office,” Schwartman noted on X, adding that a legitimate endorsement could lead to chaotic market activity.

Other commentators remain skeptical. JRNY Crypto questioned why Trump’s advisors have not confirmed the project’s legitimacy beyond social media posts.

Crypto trader Edward Morra predicted dire consequences, stating, “This will end badly in one way or another and lead to a general market sell-off going into the inauguration.”

Despite the buzz, some analysts are choosing to stay on the sidelines.

Crypto commentator “Daniel Got Hits” told his 61,900 followers, “I have a gut feeling this is real, but I’m not touching this thing with a ten-foot pole.”

Meanwhile, analyst Will Clemente observed Solana’s price surge by 4.12%, reaching $228, as traders scrambled to capitalize on the memecoin’s hype. “I’ve never seen anything like this.

Solana’s price is ripping while on-chain activity is tanking as people panic sell to FOMO into TRUMP,” Clemente said.

Trump Expected to Sign Executive Order on First Day

The timing of the posts is particularly notable, as Trump is expected to sign an executive order prioritizing cryptocurrency as a national focus shortly after taking office.

As reported, Trump is expected to prioritize executive orders addressing crypto de-banking and revising a controversial bank accounting policy.

The anticipated orders include a repeal of a policy introduced under the Biden administration, requiring banks holding cryptocurrency to list the digital assets as liabilities.

This policy stems from the Securities and Exchange Commission’s March 2022 Staff Accounting Bulletin, SAB 121, which has faced resistance from the crypto industry.

The Trump team has reportedly emphasized the urgency of reversing these measures, with sources close to the discussions confirming their high priority.

The crypto industry has long criticized the Biden administration for what it perceives as a targeted crackdown, often referred to as “Operation ChokePoint 2.0,” aimed at severing the sector’s access to financial services.