Crypto industry skeptical of memecoin promoted on Trump’s social media
Crypto industry participants are debating whether posts from Donald Trump’s social media account promoting a memecoin are genuine.
Several industry participants have raised doubts about posts from Donald Trump’s official social media accounts promoting a new Solana-based memecoin, questioning whether his account has been compromised ahead of his presidential inauguration on Jan. 20.
In a Jan. 18 X post, Trump said, “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 Official Trump (TRUMP) memecoin, which was also posted on Trump’s Truth Social account, is trading at $8.41 at the time of publication, with a market cap of $8.3 billion just three hours after it was created, according to data from memecoin trading platform Moonshot.
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Author: Ciaran Lyons
