- Trump’s alleged official token launch caused a 30% drop in related memecoins.
- Despite skepticism, DJT token saw a surge, reaching a $120 million market cap.
MAGA (TRUMP) and other such tokens dropped over 30% after reports of an official Trump token debut on Solana caused a major upheaval in the realm of memecoins associated with Donald Trump.
Pirate Wires revealed on June 17 that Trump is supposedly introducing an official coin called TrumpCoin under the ticker DJT. Moreover, the insider said that Barron, Trump’s 18-year-old son, is leading the token.
Per conversations, Trump is launching an official token — $DJT on Solana. Barron spearheading.
— Pirate Wires (@PirateWires) June 17, 2024
Unconfirmed Reports and Market Reactions
Trump’s team has not yet verified the token launch, despite these assertions. Skeptics such as Bubblemaps, a blockchain data company, have suggested that DJT may not be at all connected to Trump.
no way $DJT is actually from Donald Trump
67% of the supply in one cluster
please don't 😭https://t.co/0pOqSIhwHq https://t.co/QGuU7vyeEj pic.twitter.com/qVCG7OAGL1
— Bubblemaps (@bubblemaps) June 17, 2024
Based on data, one cluster holds about 67% of the DJT supply, with 43% of the entire supply housed on the automated market maker Raydium, which is based in Solana.
Impact on TRUMP and Other Memecoins
CoinGecko noted that the TRUMP token saw a steep drop despite the general skepticism, dropping 31% to $7.46 in the short four hours after the rumors. This removed more than $150 million from the TRUMP market cap with a Make America Great Again theme.
Smaller Trump memecoins suffered far more. To give one example, the Solana-based Donald Tremp (TREMP) memecoin fell 36.8% from $0.95 to $0.60 before rising to $0.76. Remarkably, there was a notable drop in the Jeo Boden (BODEN) token, which is associated with Joe Biden, the primary competitor of Trump for president.
The Rise of DJT Amidst Uncertainty
Meanwhile, on June 18, the DJT token, which was comparatively unknown up until then, shot to a market cap of $120 million. Birdseye data shows that on April 22, DJT tokens were initially issued.
Though several business leaders have voiced dissatisfaction with the potential perpetrators behind the token launch, the industry is waiting for official confirmation from Trump.
This development is timely because, as the next election draws near, presidential contenders like Trump, Biden, and Robert F. Kennedy Jr. are beginning to take the cryptocurrency business more seriously.
ETHNews has previously reported Trump’s support for centralizing all Bitcoin mining in the US to increase energy dominance.