Crypto traders are debating whether Donald Trump’s social media passwords have been cracked, as the President-elect’s accounts tout the launch of his “official” memecoin.
The memecoin launch announcement hit Trump’s social media platform Truth Social first, and was posted on X shortly thereafter.
The new coin is built on the Solana network, and has already tapped a $2.95 billion market cap, according to CoinGecko.
The coin’s website is attributed to CIC Digital LLC, which is the same team Trump used to launch his official NFT projects. A total of 80% of the coins are currently locked, and will be released over several years.
Trump has promised to support crypto innovation and adoption, as well as establish a national Bitcoin reserve.
Odds on the Bitcoin reserve happening in the first 100 days of Trump’s administration stand at 42% on Polymarket at time of publishing.
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