Trump Endorses Solana Meme Coin Just Days Before Inauguration, Raising Hacking Concerns

Donald Trump’s official social media profiles have generated significant buzz by promoting a Solana-based meme coin named “Official Trump (TRUMP),” just days ahead of his second presidential inauguration on January 20.

The announcements, made on January 18 via X (formerly Twitter) and Reality Social, encouraged followers to join the “very special Trump Group” by purchasing the token.

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

Trump Meme Coin Reaches $8.3 Billion Market Cap Within Hours

The meme coin quickly attracted attention, trading at $8.41 within hours of its launch and achieving a market capitalization of $8.3 billion, according to Moonshot, a platform focused on memecoin trading.

The posts have sparked discussions within the cryptocurrency community, with some expressing doubts about their legitimacy and speculating whether Trump’s accounts might have been compromised.

Max Schwartman, CEO of BecauseBitcoin, pointed out the potential consequences of a hack.

“If it’s a hack, this could significantly dampen Trump’s enthusiasm for crypto right as he assumes office,” Schwartman remarked on X, adding that a genuine endorsement could lead to tumultuous market activity.

I’m so confused by this… $TRUMP is sitting at 3B market cap. This must be a hack right? No way he just launched his own memecoin… right? Thoughts…
1). If it’s a hack, then this is going to severely mute Trump’s bullishness on crypto right as he takes office (bearish)
2).… https://t.co/RqxBGVnzre

— Max (@MaxBecauseBTC) January 18, 2025

Other commentators remain doubtful. JRNY Crypto questioned why Trump’s advisors have not verified the project’s authenticity beyond social media announcements.

Crypto trader Edward Morra warned of severe repercussions, stating, “This will end poorly in one way or another and lead to a general market sell-off as the inauguration approaches.”

Despite the excitement, some analysts are opting to remain cautious.

Crypto commentator “Daniel Bought Hits” informed 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 noted a 4.12% increase in Solana’s price, reaching $228, as traders rushed to take advantage of the memecoin’s hype. “I’ve never seen anything like this.

Solana’s price is skyrocketing while on-chain activity is declining as people panic sell to FOMO into TRUMP,” Clemente stated.

Trump Expected to Sign Executive Order on First Day

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

Reports indicate that Trump is expected to prioritize executive orders addressing crypto de-banking and revising a contentious banking accounting policy.

The anticipated orders include a repeal of a policy implemented under the Biden administration, which requires banks holding cryptocurrency to classify the digital assets as liabilities.

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

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

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

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