Over the weekend, soon to be President Donald Trump released his new Solana-based memecoin, named Official Trump. (TRUMP)

Trump wrote on his X on the 18th Jan, promoting and asking his fans to celebrate his victory election by buying the memecoin.

Just like any other memecoin, industry experts initially thought Trump's social media account was hacked to promote the fraudulent coins.

One person said that if this was a hack, then it would severely compromise Trump's bullishness on crypto right just days before he takes the office. But even if this was not a scam, then the President of the United States would have just created a "shitcoin" that would completely go out of control.

Another commentator JRNY Crypto questioned the validity of Trump's post on his social media, and wondered if these posts are true, then why are Trump's advisors so reluctant to come forward to confirm the legitimacy of the crypto project?

Crypto trader Edward Morra also voiced his pessimism for the memecoin, saying

"It would end up bad in one way or another and lead into a general market sell-off going into inauguration."

Just a few hours into the launch of the memecoin, the price of Trump has rocketed from a few cents to $14 in less than six hours amid widespread confusion on whether the token was actually backed by Trump of if someone had hacked Trump's account and issued a fake token.

As of Sunday afternoon, the token was trading above $44 on prominent exchanges like Coinbase and Binance, and has risen up as the third-largest memecoin by market capitalisation, over taking PEPEcoin (PEPE) and following close behind leading memecoin dogecoin(DOGE) and shiba inu(SHIB).

Rumours confirm, but experts still won't touch it

But fans seem to dispel the idea of Trump's social media being hacked after the President-elect made a similar post on his Truth Social account.

After Trump's post on Truth Socials, crypto commentator "Daniel Got Hits" told his 61,900 X followers that the fact the Trump has posted on both his X and Truth Social means that the memecoin is most likely true, because the possibility of both the social media accounts being hacked is very low.

But he adds that even if the memecoin was a legitimate token created by the President-elect, he still won't touch the token with a ten-foot pole.

Crypto analyst Will Clemente said he has never seen anything like this with Solana's price "ripping and everything onchain nulking 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.

Prediction of the trend of the coin

One of the main reasons why so many people are not optimistic of this new memecoin is because the token holds no true asset value of purpose.

Furthermore, we also don't know how much Trump would continue to promote this coin after his inauguration; and this could also greatly affect the growth trajectory of the coin.

For this reason, many have speculated that the coin would continue to rise in the short run, but would ultimately die out after it will be diluted in the long term.

But we also have to take into consideration that Donald Trump will be the next President for the next 4 years. Thus, I think this memecoin won't also go anywhere for that period of time, especially how Trump holds 80% of the memecoin.

The release of the Melania memecoin

Just as the Trump coin was starting to gain traction, Trump's wife Melania also released his own memecoin this morning, causing a slight crash in the Trump Coin.

This announcement was made by Melania herself on her X account where she wrote

"The Official Melania Meme is live! You can buy $MELANIA now,"

Just hours after the release of the Melania token, it completely outperformed the Trump coin. At the point of writing, the Melania coin was trading at $0.1261 each, up an impressive 2160.31 per cent since launch and with a market cap of $5.71 million, as per data on Coinmarketcap.

Meanwhile, Trump's coin saw a $5 billion wiped off its market cap, with its price falling 38% from $74.6 to $45.9 in 40 minutes, Coinmarketcap data shows.

Since its drop, the Trump coin has started to climb backup again, whilst very slowly. We also cannot tell if the Trump Coin will fully recover back to the peak when it first launched.

Other fans have also made fun of how Trump's family are taking turns creating their own memecoin, and speculates that it could be Trump's sons and grandchildren who would be making their own memecoin next.

So what do you think about the Trump and Melania memecoin? Do you think they are here to stay, and its worth investing your money in, or would you rather stay away from this one?