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Official Donald Trump Token Rumors Trigger 30% Drop in MAGA
Last Updated: June 18, 2024
✓ Fact Checked
Key Takeaways
- Rumors of the launch of an "official" Donald Trump coin, called TrumpCoin (DJT), caused Trump-related memecoins to drop;
- Blockchain data firm Bubblemaps casts doubt on DJT's legitimacy, noting that 67% of its supply is concentrated in one cluster;
- Despite skepticism, DJT surged to a market cap of $255 million.
Donald Trump-related memecoins, including MAGA (TRUMP), experienced a drop of over 30% following rumors of an "official" token launch on Solana.
The alleged token, named TrumpCoin and tickered DJT, was reportedly announced on June 17 by Pirate Wires. Pirate Wires claimed that Barron Trump, the 18-year-old son of Donald Trump, was leading the token's launch.
Despite these assertions, no confirmation has come from Trump's team, and blockchain data firms like Bubblemaps have cast doubt on the legitimacy of the DJT token's connection to the former president.
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Bubblemaps highlighted that about 67% of DJT's supply is concentrated in one cluster, with 43% of the total supply on the Solana-based automated market maker Raydium.
Amid the rumors, the value of the TRUMP token decreased, dropping 30.17% to $7.33 in the past day. Smaller Trump-related memecoins also took a hit, with the Solana-based Donald Tremp (TREMP) falling 34.32% to $0.61.
The Jeo Boden (BODEN) token, associated with Trump's presidential rival Joe Biden, also saw a decrease of more than 25%.
Meanwhile, despite the doubts surrounding its legitimacy, DJT saw a surge, reaching a market cap of over $255 million at the time of writing.
With such speculations, it remains crucial for investors to remain cautious and verify information.
In other news, Trump has recently expressed his support for Bitcoin mining after hosting a meeting with leaders from the industry.
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