Trump-related meme coins fall amid rumors of new ‘official’ DJT token in Solana

Trump-related meme coins, including the popular MAGA (TRUMP) coin, have seen a significant drop, dropping more than 51% in value.

This decline follows rumors of an upcoming “official” launch of Trump tokens on the Solana blockchain.

Trump-related meme currencies plummet

According to a June 17 post by Pirate Wires, former President Donald Trump is preparing to introduce a token called TrumpCoin, with the ticker DJT, headed by his 18-year-old son, Barron Trump.

For talks, Trump releases an official testimony: $DJT in Solana. Barron at the helm.

— Pirate Wires (@PirateWires) June 17, 2024

The impact of the rumors was swift, as the TRUMP token (MAGA) fell more than 50% to $5.65 in four hours, wiping more than $150 million off its market cap. Other Trump-themed meme coins also suffered significant losses.

Solana’s Donald Tremp (TREMP) meme coin fell 50%, falling from $1.05 to $0.53 before rebounding to $0.71. Similarly, the token Jeo Boden (BODEN) experienced a decline of more than 32%.

Meanwhile, the DJT token rose to a market cap of $120 million on June 18, despite being relatively unknown until now. Birdseye data indicates that the first DJT tokens were minted on April 22.

The crypto community remains skeptical

Trump’s team has yet to confirm these rumors, which has led to widespread speculation and uncertainty in the crypto community.

Mike Solana, the CMO of venture capital firm Founders Fund and editor-in-chief of Pirate Wires, posted a smart contract address in a reply to his post’s tweet “for visibility.” At the time of writing, the token associated with this contract has a market capitalization of $177 million.

getting a lot of input here. no, I didn’t speak to Trump directly, I assumed that was clear (but, text me Mr. President). He also assumes he could pull the rug, or spin, say it’s not true. just reporting what i know through sources. https://t.co/rGEukksUMs

— Mike Solana (@micsolana) June 17, 2024

However, Solana later clarified that he “did not speak directly to Trump” and acknowledged the possibility that he could deny any involvement with the witness. “Just reporting what I know through sources,” Solana said.

Blockchain data companies such as Bubblemaps expressed doubts about the token’s legitimacy, stating, “I call it fake news (please make it fake news)” and noted that 67% of DJT’s supply is held in a cluster, with 43% in the Solana-based market. manufacturer Raydium.

Ryan Selkis, founder of data provider Messari and a vocal Trump supporter, expressed a 50-50 chance that the testimony is legitimate or an act of deception.

Conor Grogon, director of Coinbase, added to the skepticism, stating, “Unless Trump’s team uses Kucoin (where you can’t buy cryptocurrency in the US), that’s not Trump.”

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