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Official Donald Trump Token Rumors Trigger 30% Drop in MAGA

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.
Official Donald Trump Token Rumors Trigger 30% Drop in MAGA

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.

Aaron S. , Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.



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