The Solana-based TRUMP memecoin, launched by U.S President-elect Donald Trump, experienced a 3000% price surge merely two hours after its late Friday launch.
However, a potential bump has emerged on its road as some have observed interesting details about the distribution details of the token’s total supply.
80% of the tokens 1 billion token supply is owned by one wallet, which has been linked to an affiliate company of The Trump Organization.
Trading began for the TRUMP coin after Donald Trump announced the memecoin’s launch on his official social media accounts on Friday, hours before the Inaugural Crypto Ball took place.
The token surged to a market capitalization of $4.3 billion, while registering $6.3 billion in trading volumes. TRUMP is changing hands at $22.00 currently.
JULISHA.CO.KE Analysts noted that one whale, withdrew 61,205 SOL ($14.3 million) from OKX to purchase 1.27 million tokens at an average price of $11.25. Another whale spent 8.5 million USDC to buy 1.03 million tokens at an average price of $8.28.
At current valuations, the holders have seen profits of about $11 million and $11.8 million, respectively.
Another trader, 90 seconds after Trump’s Truth Social announcement on the token, swapped 1.09 million USDC coins for 5.7 TRUMP.
The investor first sold about $404K worth of the coins and held on to 5.43 million tokens. He later sold 1.35 million tokens to retain 4.62 million, which is currently worth more than $99 million.
However, not all traders were able to capitalize on the extraordinary surge. Market data trackers also spotted activity from a whale who sold $3.86 million worth of the memecoin, only to see their holdings skyrocket to over $67 million at its price peak. This trader, as calculated by the market tracker, walked away with less than $3 million, a purported loss of over 2,000%.
The crypto community is questioning the legitimacy of the project. Some cite its unsustainable price uptrend in the last few hours, while others have observed “suspicious” details in the project’s tokenomics.
Several centralized crypto exchanges (CEXs) are now listing the Official Trump token.
Recent reports show Crypto.com and Bybit are the latest platforms to announce listings of TRUMP trading pairs.
As shared on Bybit’s website, the exchange announced that perpetual pre-market trading for the TRUMP/USDT pair will commence with a call auction beginning at 9:35 a.m. UTC on January 18, 2025.
Similarly, earlier today, the Singapore-based Crypto.com exchange also notified its users that it will be adding options for users to buy TRUMP tokens with USD, EUR, and about 20 other fiat currencies.
According to market data, more than 10 DEXs and CEXs have listed trading pairs of the Solana-based memecoin on their spot and perpetual markets.
Aside from Bybit and Crypto.com, other trading platforms investors can buy the token from include MEXC, Bybit, Bitget, HTX and CoinW. The decentralized markets for the token include Meteora, Raydium, and Orca.
Bybit clarified that the pre-market trading notice does not guarantee the TRUMP/USDT pair will be available for derivative trading. The exchange reiterated that it will issue a separate statement if there are any changes in regard to derivatives.
Per the website issuing Donald Trump’s digital tokens and NFT cards, Official Trump token has a supply of 1 billion tokens, but only 200 million are available for initial trading and liquidity.
The forum declared that CIC Digital LLC, an affiliate of The Trump Organization, and Fight Fight Fight LLC collectively hold 80% of the token supply. Over the next three years, the entities will reportedly release their allocations, and increase the circulating supply to the maximum cap.
The Trump Meme website has explicitly stated that the project is not connected to any political campaigns or offices. But critics are appalled by the timing of the token launch, which took place just three days before Trump assumes his presidential duties.
At press time, TRUMP is trading between the $18-$22 price range, a 178% uptick in the last 24 hours.