As an analyst, I’ve noticed a surge of uncertainty among industry peers regarding the authenticity of recent tweets from Donald Trump’s official social media accounts, which endorse a new Solana-based memecoin. The concern is whether these posts might have been made without his explicit authorization, potentially due to a potential account compromise, especially given the proximity to his presidential inauguration on January 20th.
On January 18th in a recent post, Trump announced, “Introducing my latest Official Trump Memes! Let’s commemorate our shared values – triumph and victory! Become part of my exclusive Trump Circle. Grab your Trump swag today.
Crypto industry ponders whether Trump was hacked
At the time of this article’s release, Trump’s unique meme-based cryptocurrency, known as TRUMP coin, had been posted on Trump’s Truth Social account and was currently trading at $8.41. Within three hours of its creation, it boasted a market capitalization of $8.3 billion, based on data gathered from the meme coin trading platform Moonshot.
The crypto industry is divided over whether it was actually Trump behind the posts.
If the situation turns out to be a hack, it could significantly dampen Donald Trump’s enthusiasm for cryptocurrencies just as he begins his presidency (indicating a negative view),” as BecauseBitcoin founder and CEO Max Schwartman expressed in a recent blog post on January 18th.
According to Schwartman, if the post is genuine and not a hacked one, things could spiral wildly out of control this quarter.
In a recent post on Jan 18th, crypto commentator JRNY Crypto expressed doubt over Donald Trump’s statements regarding the memecoin. He argued that if these posts were genuine, Trump would likely have made a video to validate the claim since such an event would be significant enough for him to do so.
Edward Morra predicted in a recent post that the cryptocurrency market would “ultimately result in a downward trend, possibly triggering a broader market sell-off as we approach the inauguration.
Some sense it is legit, but won’t touch the token
Daniel Got Hits, a well-known cryptocurrency commentator, expressed to his 61,900 followers that he suspects the posts are authentic, but he has chosen not to interact with the associated token.
“I’m not touching this thing with a ten-foot pole,” Daniel Got Hits said.
crypto expert Will Clemente stated that he’s not aware of a similar situation occurring before, as the price of Solana (SOL) surged dramatically while all on-chain indicators were showing significant drops due to individuals rushing to sell in panic and invest in Trump’s meme coin out of fear of missing out (FOMO).
Since the introduction of TRUMP memecoin on its platform, Solana’s value has climbed by a noteworthy 4.12%, peaking at approximately $228 as of the time this text was written.
“What is going on,” Clemente added.
The posts come just days before Trump is set to be inaugurated as the US president on Jan. 20.
It’s anticipated that Trump might issue an executive order upon his return to office, categorizing cryptocurrency as a top national concern.
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2025-01-18 08:33