Crypto traders are raking in millions following the launch of Official Trump (TRUMP), a Solana-based memecoin introduced by US President-elect Donald Trump.

Announced on Jan. 17, just days ahead of his inauguration as the 47th president of the United States, TRUMP reached a market cap of nearly $9 billion within hours, surpassing memecoins like Pepe 

“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,” Trump posted on Truth Social and X.

Source: Donald Trump

While parts of the crypto community speculated that the announcement could result from a hack, a source close to Trump’s family — speaking on condition of anonymity — confirmed to Cointelegraph that the project is legitimate and linked to his non-fungible token (NFT) ventures.

Related: Crypto execs plan Trump inauguration attendance — at a steep price

A wave of high-profile trades highlighted the token’s meteoric rise.

Blockchain analytics firm Lookonchain reported that a wallet named “LeBron” turned a $1 million USD Coin.

 investment into over $2 million by acquiring 4.52 million TRUMP tokens just minutes after the launch.

Another trader transformed a $1.1 million investment into $70 million in under four hours. The individual sold 1.35 million TRUMP for 3.65 million USDC while retaining 4.62 million tokens valued at $67.5 million.

Meanwhile, pseudonymous crypto trader 0xsun purchased nearly 1 million TRUMP tokens with 3,000 Solana , worth $653,000. By selling part of their holding for $812,000, they netted over $3.7 million in profit.

Large investors, or “whales,” also jumped in. One whale withdrew 61,205 SOL — worth over $14.3 million — from crypto exchange OKX to buy 1.27 million TRUMP tokens. Another spent 8.5 million USDC to purchase 1.03 million tokens at an average price of $8.28.

TRUMP traded at $18.82 at the time of writing, with a market cap of $4.28 billion, up 10,222% since launch and generating $1.71 billion in trading volume across 227,625 transactions, according to Dexscreener.

The project’s website outlines a total supply of 1 billion tokens, set to be released over three years. At launch, 200 million tokens, about 20% of which were unlocked, with the remaining 800 million gradually distributed over 36 months. 

TRUMP token allocation and emission schedule. Source: GetTrumpMemes website.

Tied to Trump’s NFT ventures, CIC Digital will receive 80% of the total supply in six allocations. These will unlock linearly over 24 months following an initial lock-up period of three to 12 months. The remaining tokens include 10% reserved for liquidity and 10% for public distribution, fully unlocked at launch.

The launch of TRUMP propelled Solana’s decentralized exchange (DEX) volumes to a record $12.9 billion within 24 hours, according to CoinGecko.

Among the DEXs trading TRUMP, Meteora led with over $4 billion in 24-hour volume, followed by Orca and Raydium. 

Centralized exchanges, including Bybit, HTX, Gate and Bitget, have listed the token.