TLDR
- A new token called DJT on the Solana blockchain saw a massive surge of over 1,000% due to rumors linking it to Donald Trump’s “official” cryptocurrency.
- The rumors originated from a tweet by The Pirate Wires, claiming Trump’s son Barron was spearheading the DJT token launch, though they later clarified they had no direct confirmation from Trump.
- Trump’s team has not confirmed or denied any involvement with the DJT token.
- Blockchain data firms like Bubblemaps have expressed doubts about the token’s legitimacy, noting a high concentration of the supply held by a few wallets.
- Other Trump-related memecoins like MAGA (TRUMP) and TREMP saw significant drops of over 30% amid the DJT rumors.
A new cryptocurrency token called DJT on the Solana blockchain has caused quite a stir in the crypto community due to rumors linking it to former US President Donald Trump.
The DJT token witnessed a massive surge of over 1,450% in its trading activity and price, at one point reaching a market capitalization of over $5 million.
The rumors about DJT being Trump’s “official” cryptocurrency token were initially sparked by a tweet from The Pirate Wires, a cryptocurrency news platform.
They claimed that Trump was launching the TrumpCoin under the ticker DJT, with his son Barron Trump spearheading the project. However, The Pirate Wires later clarified that they had not received direct confirmation from Trump himself and were simply reporting based on their sources.
Per conversations, Trump is launching an official token — $DJT on Solana. Barron spearheading.
— Pirate Wires (@PirateWires) June 17, 2024
Despite the lack of official confirmation from Trump or his team, the rumors led to a frenzy around the DJT token. However, blockchain data firms like Bubblemaps have raised doubts about the token’s legitimacy.
Their on-chain analysis revealed that a staggering 67% of the DJT token supply is held in one cluster, with 43% of the total supply residing on Raydium, a Solana-based automated market maker.
The news about the DJT token has also impacted other Trump-related memecoins in the market.
The popular MAGA (TRUMP) token, which has seen meteoric rises in the past after Trump’s speeches supporting the crypto industry, experienced a significant drop of 31% within a four-hour window following the DJT rumors.
This price decline wiped out over $150 million from the MAGA token’s market capitalization.
Other smaller Trump memecoins were hit even harder, with the Solana-based Donald Tremp (TREMP) token falling by 36.8% before rebounding.
Interestingly, even the Jeo Boden (BODEN) token linked to Trump’s presidential rival Joe Biden saw a drop of over 22%.
While the crypto community awaits official confirmation from Trump regarding the DJT token, industry leaders have expressed frustration at the potential perpetrators behind the token launch.
This situation arises at a time when presidential candidates like Trump, Biden, and Robert F. Kennedy Jr. have started to focus more on the cryptocurrency industry as the upcoming election approaches.
