Did Donald Trump get hacked? President-elect’s Twitter and Truth Social accounts post link to new crypto currency and its value has already hit $13billion

A new crypto currency now worth billions just hours after launching is being promoted on Donald Trump’s social media accounts – but experts are questioning whether the President-elect or hackers are behind the new venture.

Posts on Trump’s X, formerly known as Twitter, and Truth Social accounts announced the arrival of the $Trump, a Solana-based meme coin, on Friday night.

Meme coins are cryptocurrency named after a supposedly humorous character, individuals, artwork or trends. 

Examples include Dogecoin (DOGE), which was set up as a satirical payment system to make fun of cryptocurrencies, and features a cartoon version of a cute Japanese Shiba dog called Kabosu that internet users found funny and cute. 

Experts say meme coins are incredibly risky investments, but they can prove lucrative, especially for the creators. The market cap for meme coins generally stands in the billions.

Following the launch of $Trump, the token has exploded to $13billion in value, while trading volumes are approaching $4.6billion at the time of writing, according to GeckoTerminal data.

At the time of publication, the token was trading at $23.41. 

The announcement first appeared on Trump’s Truth Social account, directing his followers to acquire the token through the GetTrumpMemes website. 

A new crypto currency now worth billions just hours after launching is being promoted on Donald Trump’s social media accounts – but experts are questioning whether the President-elect or hackers are behind the new venture

Posts on Donald Trump's X, formerly known as Twitter, and Truth Social accounts announced the arrival of the $Trump, a Solana-based meme coin

Posts on Donald Trump’s X, formerly known as Twitter, and Truth Social accounts announced the arrival of the $Trump, a Solana-based meme coin

The token is inspired by an image of the President-elect in the moments after an assassination attempt at a campaign rally in Butler, Pennsylvania, on July 13, 2024, when he defiantly threw his hand in the air to show he was unharmed

The token is inspired by an image of the President-elect in the moments after an assassination attempt at a campaign rally in Butler, Pennsylvania, on July 13, 2024, when he defiantly threw his hand in the air to show he was unharmed

A similar post arrived on his X account shortly afterwards.

The post, which features an image of the token showing Trump’s right fist in the air with the slogan, Fight, Fight, Fight, stated: ‘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. Go to — Have Fun!’

According to the GetTrumpMemes website, the fungible token is ‘an official Trump product’ and can be purchased via Moonshot or more traditional payment methods. 

It features an image of the President-elect in the moments after an assassination attempt at a campaign rally in Butler, Pennsylvania, on July 13, 2024, when he defiantly threw his hand in the air to show he was unharmed.

The site revealed the tokens are minted through crypto platform Solana and that 200 million will be available on the first day.

Over three years, a total of one billion $Trump will become available.

The post appearing on Trump’s X account has garnered tens of thousands of comments among his 97.6million followers, with some questioning if the incoming President had been hacked.

Following the launch of $Trump, the token has exploded to $13billion in value, while trading volumes are approaching $4.6billion at the time of writing, according to GeckoTerminal data

Following the launch of $Trump, the token has exploded to $13billion in value, while trading volumes are approaching $4.6billion at the time of writing, according to GeckoTerminal data

The tokens were trading at $23.41 at the time of publication

The tokens were trading at $23.41 at the time of publication

One wrote, ‘This must be a scam. Please don’t be real’, while another simply asked: ‘Account hacked?’ 

Others however were welcoming of the idea that $Trump could be a good investment move. 

One follower said: ‘Put all your life savings into $TRUMP on Solana, and you can end up just like him!’

Experts have also begun wading into the debate on whether the project is real or the result of hackers gaining access to Trump’s social media accounts.  

Crypto aficionado Slorg from the Jupiter crypto exchange, said $TRUMP has been verified, Crypto Briefing reports.

‘I don’t like to tweet about coins, and in no way shape or form is this a promotion. But to keep people safe, this is the real Trump coin. We have approved it to the Jupiter strictlist.’

Meanwhile, Polymarket, used by crypto traders to predict outcomes and track current trends, is currently showing just a 3 per cent chance that Trump’s accounts have been hacked.

Meme coins have been growing in popularity in recent years. Aside from Dogecoin, other examples include tokens based on cartoon frog Pepe (PEPE), Peanut the Squirrel (PNUT), an orphaned squirrel euthanized by New York officials, and MOO DENG, which is based on a pygmy hippo from Thailand that went viral because of her cheeky energy.

Polymarket, used by crypto traders to predict outcomes and track current trends, is currently showing just a 3 per cent chance that Trump's accounts have been hacked

Polymarket, used by crypto traders to predict outcomes and track current trends, is currently showing just a 3 per cent chance that Trump’s accounts have been hacked

At the time of writing, DOGE’s market cap alone is $61bn, while PEPE’s is $7.92bn and PNUT is $662million. 

Their value and popularity has shot up since the election of Donald Trump.

However, not all experts endorse meme coins as a good investment.

James Ramsden KC, a leading voice on crypto and digital asset litigation and a founding partner at law firm Astraea, called memecoins a ‘dangerous illusion’ and a ‘complete con’.

He recently told MailOnline: ‘I wouldn’t go anywhere near them. It’s an illusion that’s quite dangerous. 

‘It’s just a very speculative financial punt which is almost completely at the mercy of the people who have put it out there. 

‘I think this is a complete con. It has no value or purpose. I’m as worried of those as any digital asset.

‘I don’t think you can call them that at all. It depends on algorithmic social media interaction. It’s a very flimsy way of approaching value to anything.

One of the most recent social media stars to suggest starting a memecoin is Hawk Tuah Girl Hailey Welch (pictured)

She went viral after a making a very risqué gesture during an interview on a night out

One of the most recent social media stars to suggest starting a memecoin is Hawk Tuah Girl Hailey Welch (pictured), who went viral after a making a very risqué gesture during an interview on a night out

‘It’s not the memecoins that attract people to a site, it’s what is funny, what is interesting.

‘Memecoins just measure the number of hits [a site or idea] gets.’

Anyone can create a memecoin and unlike more traditional cryptocurrencies like Bitcoin, they cannot be mined. Instead, a finite number are released with the owner keeping a certain amount.

If they surge in popularity by going viral, then the owner can sell their memecoins, generating income for themself – although this in turn could wipe out the value for investors. 

One of the most recent social media stars to suggest starting a memecoin is Hawk Tuah Girl Hailey Welch, who went viral after a making a very risqué gesture during an interview on a night out. 

Meanwhile, digital finance guru Nawab Hussain, the director of Crypto Consultants UK, told MailOnline memecoins were ’emotionally driven’ and that ’80 to 90 per cent are just liquidity grabs – people trying to make a quick buck’.

He added: ‘Memecoins are probably the most speculative in terms of crypto. You need to be careful as an investor.’

What are Bitcoins?

What are Bitcoins?

Bitcoin is a cryptocurrency (also known as crypto) – an online type of money which is created using computer code.

It was invented in 2009 by someone calling themselves Satoshi Nakamoto – a mysterious computer coder who has never been found or identified themselves.

Bitcoins are created without using middlemen – which means no banks take a fee when they are exchanged.

They are stored in what are called virtual wallets known as blockchains which keep track of your money.

One of the selling points is that it can be used to buy things anonymously.

However, this has left the currency open to criticism and calls for tighter regulation as terrorists and criminals have used to it traffic drugs and guns.

How are they created?

Bitcoins are created through a process known as ‘mining’ which involves computers solving difficult maths problems with a 64-digit solution.

Every time a new maths problem is solved a fresh Bitcoin is produced.

Some people create powerful computers for the sole purpose of creating Bitcoins.

But the number which can be produced is limited – meaning the currency should maintain a certain level of value.

Why are they popular?

Some people value Bitcoin because it is a form of currency which cuts out banking middlemen and the Government – a form of peer to peer currency exchange.

And all transactions are recorded publicly so it is very hard to counterfeit.

Does the price fluctuate?

Yes. Bitcoin is one of the most popular cryptocurrencies but is so volatile that it could be worth vastly more or less depending on the day.

How do you own cryptocurrency?

To own cryptocurrency you will buy it or trade it on an exchange – a website for trading and storing crypto.

Owners must hold it in a ‘wallet’, which is similar to a bank account.

This wallet can either be stored digitally with the exchange or downloaded as a ‘cold wallet’ onto a USB, which some believe is the safest way of holding it.

To liquidate crypto, it can be sold back on exchanges to other people wanting to buy it, just like any other traditional currency or stock.

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