Traders earn millions as Trump launches Solana memecoin

Crypto traders are experiencing significant profits following the launch of the Solana-based (CRYPTO:SOL) memecoin, Official Trump (CRYPTO:TRUMP), introduced by President-elect Donald Trump.

The announcement on January 17, just days before Trump's inauguration, led to an explosive market reaction, with TRUMP reaching a market cap of nearly $9 billion shortly after its debut.

“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,” stated Trump, promoting the memecoin on his social media platforms.

Despite initial scepticism regarding the legitimacy of the project, a source close to Trump's family confirmed its authenticity and connection to his NFT initiatives.

The trading activity surrounding TRUMP has been marked by several high-profile transactions.

A wallet named “LeBron” reportedly turned a $1 million investment into over $2 million within minutes of the launch.

Another trader transformed a $1.1 million investment into $70 million in just under four hours.

Whale investors have also participated actively, with one withdrawing over $14 million worth of SOL to acquire 1.27 million TRUMP tokens.

The token was trading at approximately $18.82 at the time of reporting, reflecting a staggering increase of over 10,000% since its launch.

The total supply for TRUMP is capped at 1 billion tokens, with 200 million released initially and the remainder scheduled for gradual distribution over three years.

CIC Digital LLC, affiliated with Trump’s organisation, will receive 80% of the total supply in six allocations.

The launch has significantly impacted Solana's decentralised exchange volumes, which reached record highs of $12.9 billion within 24 hours. Major exchanges have begun listing the token as interest continues to grow.

At the time of reporting, the Official Trump (TRUMP) price was $46.70 and the Solana (SOL) price was $241.36.