Crypto Industry Questions Legitimacy of Trump's Promotion of Solana-Based Memecoin

Industry participants are questioning whether Donald Trump's official social media accounts promoting a new Solana-based memecoin are legitimate or if his account has been hacked ahead of his presidential inauguration on Jan. 20. The TRUMP memecoin was posted on Trump's Truth Social account and quickly reached a market cap of $8.3 billion just three hours after it was created. Some in the crypto industry believe that if the posts are legitimate, it could lead to a surge in the market, while others are skeptical and refuse to engage with the token. Trump is expected to sign an executive order designating crypto as a national priority upon re-entering office.