As a crypto enthusiast, I’ve been reaping substantial profits since the debut of TRUMP, a memecoin built on Solana, which was introduced by none other than the president-elect, Donald Trump himself.
On January 17, just prior to his inauguration as the 47th U.S. President, TRUMP’s market value soared to almost $9 billion in a matter of hours, outstripping meme-based cryptocurrencies such as PEPE and BONK.
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Some within the cryptocurrency world suspected the announcement was due to a hack, but trusted insiders close to the Trump family clarified to CryptoMoon that the project is genuine and connected to the Trump’s NFT endeavors instead.
Traders reap profits in hours
A wave of high-profile trades highlighted the token’s meteoric rise.
According to blockchain analysis company Lookonchain, the digital wallet known as “LeBron” transformed an initial $1 million USDC investment into more than double that amount, approximately $2 million, by purchasing around 4.52 million TRUMP tokens moments after their release.
A trader successfully increased a $1.1 million stake to an astounding $70 million in just about four hours. This person offloaded approximately 1,350,000 TRUMP tokens for roughly 3,650,000 USD Coin, while keeping hold of 4,620,000 tokens valued at a staggering $67.5 million.
0xsun, an anonymous crypto trader, bought approximately a million TRUMP tokens using 3,000 Solana (SOL), which was equivalent to around $653,000. Later, by selling some of their holdings for $812,000, they made over $3.7 million in profits.
Whales join the action
Major financial backers, often referred to as ‘whales,’ also entered the scene. One whale withdrew approximately 61,205 SOL (equivalent to over $14.3 million) from crypto exchange OKX to acquire a total of 1.27 million TRUMP tokens. Another invested 8.5 million USDC, which translates to 1.03 million tokens at an average cost of around $8.28.
From my perspective as an analyst, at the time of this writing, TRUMP is trading at a price of $18.82, boasting a market capitalization of approximately $4.28 billion. Remarkably, it has experienced a staggering growth of over 10,222% since its initial launch, and has generated an impressive trading volume of $1.71 billion across 227,625 transactions, as reported by Dexscreener.
As a crypto investor, I’ve noticed that this project plans to release a total of 1 billion tokens throughout a span of three years. At its inception, 200 million tokens, which equates to approximately 20%, were made available, with 20% of these immediately accessible. The remaining 800 million tokens will be distributed gradually over the subsequent 36 months.
80% of the total supply from Trump’s NFT projects will be given to CIC Digital LLC in six equal portions over a period of 24 months. These portions will become accessible gradually after an initial lock-up phase that lasts between 3 and 12 months. The leftover tokens consist of 10% set aside for liquidity purposes and another 10% intended for public distribution, which will be fully available at the project’s launch.
Solana’s DEX volumes hit record highs
As a researcher, I found myself astounded by the remarkable surge in trading activity on Solana’s decentralized exchange (DEX) following the launch of TRUMP. Data from CoinGecko revealed an unprecedented 24-hour volume of $12.9 billion, setting a new record for this particular platform.
In the past day, Meteora emerged as the top decentralized exchange (DEX) for trading TRUMP, handling over $4 billion in transactions. This was closely followed by Orca and Raydium.
Centralized exchanges, including Bybit, HTX, Gate, and Bitget, have listed the token.
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2025-01-18 14:13