An unexpected development took place tonight and the new President of the United States, Donald Trump, launched his own official memecoin, Official Trump (TRUMP).

Trump first announced the launch of the memecoin in his statement on his social media platform Truth Social and shared the contract address. The new memecoin operates on the Solana network.

At first, it was suspected that Donald Trump’s account might have been hacked and the shared altcoin might be a scam. However, recent information suggests that this memecoin was actually created by Trump.

80% of the memecoin’s total supply is locked in the founder’s multisig wallet. Having passed the $1 billion market cap mark just minutes after its launch, memecoin has a market cap of over $4 billion at the time of writing.

With a fully diluted market value of around $22 billion, the altcoin has already surpassed Trump’s personal fortune of $6.8 billion.

TRUMP was soon listed on the spot market by Bybit, and later on the futures market by Binance.

The official website of the token claims that TRUMP is not a security.

*This is not investment advice.