Several industry participants have raised doubts about posts from Donald Trump’s official social media accounts promoting a new Solana-based memecoin, questioning whether his account has been compromised ahead of his presidential inauguration on Jan. 20.
In a Jan. 18 X post, Trump said, “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.”
Crypto industry ponders whether Trump was hacked
The Official Trump (TRUMP) memecoin, which was also posted on Trump’s Truth Social account, is trading at $8.41 at the time of publication, with a market cap of $8.3 billion just three hours after it was created, according to data from memecoin trading platform Moonshot.
The crypto industry is divided over whether it was actually Trump behind the posts.
“If it’s a hack, then this is going to severely mute Trump’s bullishness on crypto right as he takes office (bearish),” BecauseBitcoin founder and CEO Max Schwartman said in a Jan. 18 X post.
Schwartman said if it turns out to be a legitimate post and not the result of a hack, then “things are about to get absolutely out of control this quarter.”
Crypto commentator JRNY Crypto questioned in a Jan. 18 X post, if the posts are genuine, why aren’t Trump’s advisors confirming the legitimacy of the crypto project with something more than just a social media post.
Crypto trader Edward Morra said in a post on the same day, it will “end bad in one way or another and lead into general market sell-off going into inauguration.”
Some sense it is legit, but won’t touch the token
Meanwhile, crypto commentator “Daniel Got Hits” told his 61,900 X followers that while he has a “gut feeling” that the posts were legitimate, he said he would not be engaging with the token.
“I’m not touching this thing with a ten-foot pole,” Daniel Got Hits said.
Crypto analyst Will Clemente said he has never seen anything like this with Solana’s (SOL) price “ripping and everything onchain nuking as people panic sell to fomo into Trump’s memecoin.”
Solana’s price has surged 4.12% since the launch of the TRUMP memecoin on its network, reaching $228 at the time of publication.
“What is going on,” Clemente added.
Related: Crypto execs plan Trump inauguration attendance — at a steep price
The posts come just days before Trump is set to be inaugurated as the US president on Jan. 20.
Trump is reportedly expected to sign an executive order designating crypto as a national priority, which could come as soon as he re-enters office.
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