Trump-Related Meme Coins Plunge Amid Rumors of New ‘Official’ DJT Token on Solana

Trump hasn't confirmed ties to the DJT token, but blockchain analysts and industry leaders are skeptical of its official association.

Jun 18, 2024 - 14:50
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Trump-Related Meme Coins Plunge Amid Rumors of New ‘Official’ DJT Token on Solana

Trump-related meme coins, including the popular MAGA (TRUMP) coin, have experienced a significant drop, plummeting over 51% in value.

This decline follows rumors of an upcoming “official” Trump token launch on the Solana blockchain.

Trump-Related Meme Coins Plummet

According to a June 17 post by Pirate Wires, former President Donald Trump is allegedly preparing to introduce a token named TrumpCoin, with the ticker DJT, reportedly spearheaded by his 18-year-old son, Barron Trump.

The impact of the rumors was quick, with the TRUMP token (MAGA) dropping by over 50% to $5.65 within four hours, wiping out more than $150 million from its market cap. Other Trump-themed meme coins also suffered significant losses.

The Solana-based Donald Tremp (TREMP) meme coin fell 50%, dropping from $1.05 to $0.53 before rebounding to $0.71. Similarly, the Jeo Boden (BODEN) token saw a decline of over 32%.

Meanwhile, the DJT token surged to a $120 million market cap on June 18 despite being relatively unknown until now. Data from Birdseye indicates that the first DJT tokens were minted on April 22.

Crypto Community Remains Skeptical

Trump’s team has not yet confirmed these rumors, leading to widespread speculation and uncertainty within the crypto community.

Mike Solana, the CMO of venture capital firm Founders Fund and editor-in-chief of Pirate Wires, posted a smart contract address in a reply to his publication’s tweet “for visibility.” At the time of writing, the token associated with that contract has a market cap of $177 million.

However, Solana later clarified that he “didn’t speak with Trump directly” and acknowledged the possibility that he could deny any involvement with the token. “Just reporting what I know via sources,” Solana stated.

Blockchain data firms like Bubblemaps expressed doubt about the token’s legitimacy, stating, “I call fake news (please be fake news),” and noting that 67% of DJT’s supply is held in one cluster, with 43% on the Solana-based market maker Raydium.

Ryan Selkis, founder of data provider Messari and a vocal Trump supporter, expressed a 50-50 probability that the token is legitimate or an act of deceit.

Conor Grogon, a director at Coinbase, added to the skepticism, stating, “Unless Trump’s team uses Kucoin (where you can’t buy crypto in the US), this ain’t Trump.”

The post Trump-Related Meme Coins Plunge Amid Rumors of New ‘Official’ DJT Token on Solana appeared first on CryptoPotato.

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