The TRUMP meme coin surged 19% before quickly dropping after false claims of real-world utility spread. A misleading social media post caused sudden volatility in the cryptocurrency market.
On Thursday, the TRUMP token jumped from $10.4 to $12.4 after DB, a prominent crypto news outlet, posted on X (formerly Twitter) that the token would gain “real utility.” Seven minutes later, a follow-up post claimed the account had been hacked. The price then dropped to $10.8.
The crypto community grew suspicious. Analysts noticed grammatical errors in DB’s second post, suggesting the security breach remained unresolved. Users also reported that DB’s account falsely claimed BlackRock had filed for a spot HYPE ETF.
DB has since deleted the unauthorized posts and urged users to ignore messages posted during the breach.
TRUMP Meme Coin’s Origins
Launched on January 17, 2025, just days before Donald Trump’s inauguration, the TRUMP meme coin initially faced skepticism. Many suspected a scam due to the lack of an announcement. Hours later, Trump confirmed the project’s legitimacy on X and Truth Social.
The official website calls TRUMP the “only official Trump meme.” Its logo shows a cartoon Trump raising his fist, referencing his survival of the July 2024 assassination attempt. The site states the token is not an investment or security. Its terms prohibit buyers from joining class-action lawsuits and offer indemnity against claims.
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Early Success and Market Impact
Despite doubts, TRUMP’s price skyrocketed over 300% within hours of launch. By January 19, 2025, it ranked as the 19th most valuable cryptocurrency, with nearly $13 billion in total trading volume. At its peak, each of the 200 million tokens was valued at $64, with $29 billion in trades over two days.
A New York Times report stated that Trump affiliates controlled 800 million additional tokens, potentially worth over $56 billion. This could boost Trump’s net worth to $63.8 billion, making him one of the world’s richest people. On January 19, 2025, First Lady Melania Trump launched her own meme coin, $Melania, adding to the trend of politically themed cryptocurrencies.
