The crypto world is in turmoil after the new memecoin from Donald Trumpbased on Solana (CRYPTO: SOL), called “OFFICIAL TRUMP” (CRYPTO: TRUMP), soared more than 260% before his inauguration on January 20.
What happened : Donald Trump’s social media posts promoting the currency have raised doubts about the authenticity of these messages.
In a post on Saturday, Trump announced: “My new official Trump meme is HERE! It’s time to celebrate everything we stand for: WIN! Join my very special Trump community. GET YOUR TRUMP NOW”.
Memecoin, currently trading at $23.20, has reached a market capitalization of more than $4 billion, according to data from Coinmarketcap.
The crypto traderEdward Morra predicted potential sales in the market, while the commentatorDaniel Got Hits expressed doubts despite feeling legitimate. The analystWill Clementenoted Solana’s price rose 4.12% to $228 as investors rushed to buy TRUMP.
Why it matters : Trump’s return to the White House has sparked speculation about its potential impact on the cryptocurrency market.
Reports indicate that Trump plans to issue crypto-friendly executive orders shortly after his inauguration. These decrees are expected to ease regulatory burdens on digital asset businesses and promote the adoption of cryptocurrency.
Additionally, Trump is expected to establish a crypto advisory council, a concept he has previously proposed.
-Additionally, expert opinions are divided on the likelihood of immediate executive actions, although many are optimistic about the market’s near-term outlook.
The possibility of Donald Trump mentioning cryptocurrency during his inauguration speech is also being closely monitored, with a 31% chance according to traders at Polymarket.
Price movement At the time of writing, TRUMP was trading at $23.20, up more than 260% in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced using AI tools and was reviewed and published by Benzinga editors.
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