Former US presidential candidate Trump posted on Truth Social and X platform at 10 am yesterday, announcing the launch of the official meme coin $TRUMP on Solana, as there have been many precedents of hacked celebrity accounts issuing fraudulent meme coins, many are concerned that this is a scam.
However, amid global skepticism, the posts on Trump's official social media channels have not been deleted, which has reassured the market, and $TRUMP has soared, with Dexscreener data showing that $TRUMP has risen from around $0.18 at the opening yesterday to $35.59 currently, an increase of over 19000%.
Coingecko data shows that $TRUMP currently has a market cap of $6.87 billion, quickly becoming the 4th largest meme coin by market cap, behind only DOGE, SHIB, and PEPE, and its fully diluted valuation (FDV) has reached an astonishing $35 billion.
Trump's net worth increases by $22 billion overnight, team estimated to profit $100 million
It is worth noting that Arkham Intelligence analyzed that Forbes had previously estimated Trump's net worth in November last year to be $5.6 billion, and that CIC Digital LLC and Fight Fight Fight LLC jointly hold 80% of the $TRUMP supply, assuming these all belong to Trump, Trump's net worth has increased by $22 billion overnight to $28 billion.
Additionally, Arkham estimates that Trump's team may have profited around $100 million, as the Trump team holds about $50 million in TRUMP liquidity pools on-chain, they have withdrawn $20 million USDC from these pools and have sent $92 million worth of TRUMP to exchanges.
Arkham explains that the TRUMP pool currently contains $130 million in TRUMP and $373 million in USDC, with the USDC provided by traders who have purchased TRUMP from the pool, and most of the liquidity is owned by Trump team wallet 1, which has added liquidity to the pool at prices higher than the initial TRUMP liquidity providers.
The Trump team has sent $93 million worth of TRUMP to exchanges including Bybit and Kucoin, these transactions occurred between Trump team wallet 1 and Trump team wallet 2, and they started sending tokens to exchanges about 7 hours after Trump's post:
If all the tokens sent to the exchanges are sold immediately, the Trump team will profit about $100 million. About $370 million in USDC remains in the liquidity pool, which is mainly owned by Trump team wallet 1.
TRUMP suspected of having a rug pull
It is worth noting that there are suspicious transactions in TRUMP, suspected of a rug pull, Bubblemaps points out that the 6QSc2 address received funds 4 hours before the TRUMP token was released, and spent $1 million to purchase 5.9 million TRUMP in the first minute of the token release.
Subsequently, the 6QSc2 address transferred all the TRUMP to the ff.sol address, and then distributed it to 10 addresses, selling in batches, and has currently sold $20 million worth of TRUMP, and still holds $96 million worth of TRUMP, which makes Bubblemaps wonder "what do they know?"
