Trump Social Media Posts Spark Frenzy Over Solana-Based Memecoin

As Donald Trump’s presidential inauguration looms, a storm is brewing in the crypto world. On January 18, Trump’s official social media accounts, including X and Truth Social, announced a Solana-based memecoin dubbed the “Official Trump (TRUMP) Memecoin.” The posts, encouraging followers to “celebrate everything we stand for: WINNING!” raised eyebrows, with the crypto community debating whether the accounts were compromised or if the posts were genuine.

Within hours of the announcement, TRUMP soared to a staggering $9 billion market cap, surpassing well-known memecoins like Pepe and Bonk. At the time of publication, the token was trading at $8.41, and Solana’s price experienced a 4.12% surge, reaching $228.

Hack or Hype? Industry Divided

The legitimacy of the posts has sparked a heated debate. Some crypto experts speculate that Trump’s accounts may have been hacked, warning of potential fallout for the crypto market. Max Schwartman, CEO of BecauseBitcoin, cautioned that if the posts were unauthorized, it could dampen Trump’s crypto-friendly stance just as he prepares to take office. However, Schwartman added, “If it’s legitimate, things are about to get absolutely out of control this quarter.”

Other commentators expressed skepticism about the lack of official confirmation. JRNY Crypto questioned why Trump’s advisors haven’t verified the project, suggesting the absence of such assurances adds to the confusion. Meanwhile, Edward Morra, a crypto trader, predicted a potential market sell-off tied to the uncertainty, stating the situation “will end bad in one way or another.”

Solana Surges Amid TRUMP Memecoin Mania

While doubts persist, some in the crypto space sense the posts are genuine but remain cautious. Crypto commentator “Daniel Got Hits” admitted having a “gut feeling” that the posts were legitimate but stated, “I’m not touching this thing with a ten-foot pole.”

Market dynamics reflect the frenzy. Analyst Will Clemente noted an unusual surge in Solana’s price, describing how investors are panic-selling other assets to capitalize on the TRUMP memecoin hype. “I’ve never seen anything like this,” Clemente said, calling the market’s reaction unprecedented.

The timing of the posts adds to the intrigue, with Trump expected to sign an executive order designating cryptocurrency as a national priority shortly after taking office.