Trump’s token falls 31% amid doubts about DJT ownership as a blockchain analytics firm, and industry leaders raised doubt that it was launched by Trump’s team.
Rumors that Donald Trump’s team had launched an “official” token on Solana caused MAGA (TRUMP) and other memecoins associated with him to drop more than thirty percent.
With the ticker DJT, TrumpCoin will be launched as an official token “per conversations,” according to a June 17 X post by Pirate Wires to its 63,800 followers.
According to Pirate Wires, Barron, Trump’s 18-year-old son, was allegedly “spearheading” the token.
However, the introduction of the currency has yet to be acknowledged by Donald Trump’s team, and blockchain data companies like Bubblemaps appear confident that DJT isn’t genuinely associated with the presidential contender.
One cluster accounts for about 67% of the supply, and Raydium, an automated market maker based in Solana, accounts for 43% of the overall supply.
Despite the general skepticism, TRUMP dropped 31% to $7.46 in the brief four hours that followed the rumors, according to CoinGecko data.
Since the announcement, the Make America Great Again-themed TRUMP market cap has lost more than $150 million.
Even more severely damaged were Trump memecoins with lower values.
Similarly, the Solana-based Donald Trump (TREMP) memecoin dropped 36.8% from $0.95 to $0.60 before rising to $0.76.
Remarkably, there was a 22% decline in the Jeo Boden (BODEN) token associated with Joe Biden, Trump’s primary presidential opponent.
In the meantime, DJT—largely unknown until this point—soared to a $120 million market valuation on June 18.
On April 22, however, according to data from Birdseye, the first batch of DJT tokens were created.
As the election draws near, presidential contenders like Trump, Biden, and Robert F. Kennedy Jr. have begun to take the industry more seriously. As a result, several industry leaders expressed frustration at the potential perpetrators behind the token launch, even as the industry waits for confirmation from Trump.
