The crypto world is abuzz as Donald Trump‘s new Solana-based SOL/USD memecoin “OFFICIAL TRUMP” TRUMP/USD, skyrocketed over 260% ahead of his inauguration on Jan. 20.
What Happened: Trump’s social media posts promoting the coin have sparked skepticism about the authenticity of the messages.
In a post on Saturday, Trump announced, "My NEW Official Trump Meme is HERE! It's time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR TRUMP NOW."
The memecoin, trading at $23.20, reached a market capitalization of more than $4 billion, according to data from Coinmarketcap.
Crypto trader Edward Morra predicted potential market sell-offs, while commentator Daniel Got Hits expressed skepticism despite sensing legitimacy. Analyst Will Clemente noted Solana’s price surge of 4.12%, reaching $228, as investors rushed to buy TRUMP.
Why It Matters: Trump's return to the White House has sparked speculation about his potential impact on the cryptocurrency market.
Reports indicate that Trump plans to issue crypto-friendly executive orders soon after taking office. These orders are expected to ease regulatory burdens on digital asset firms and promote cryptocurrency adoption.
Additionally, Trump is anticipated to establish a crypto advisory council, a concept he proposed earlier.
Moreover, experts are divided on the likelihood of immediate executive actions, though many are optimistic about the short-term market outlook.
The potential for Trump to mention cryptocurrency during his inauguration speech is also being closely watched, with a 31% chance according to Polymarket traders.
Price Action: At the time of writing, TRUMP was trading at $23.20, gaining over 260% over the past 24 hours, according to Benzinga Pro data.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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