Donald Trump-related meme coins, including MAGA (TRUMP), suffered a drastic 51% plunge. This was triggered by the launch of an “official” Trump token, DJT, on Solana.
Rumors Trigger Trump Memecoins to Drop
Reports from Pirate Wires on X suggest that Trump’s 18-year-old son, Barron, will spearhead this new meme coin initiative. In addition, the publication’s CMO, Mike Solana, posted a smart contract address.
contract address, posting for visibility: HRw8mqK8N3ASKFKJGMJpy4FodwR3GKvCFKPDQNqUNuEP
— Mike Solana (@micsolana) June 17, 2024
Founder of data provider Messari Ryan Selkis expressed a cautious stance on the token despite being approached by its developers. He believes the token could be legit or a scam.
Trump’s team still needs to confirm the token launch. However, Bubblemaps, a well-known crypto and blockchain data platform, said on X that the rumored DJT token launch is not associated with the former US president.
The data platform revealed that 67% of DJT’s supply is held in one cluster, with 43% on Solana-based market maker Raydium. Thus, the platform warns crypto traders and investors to avoid being baited, which will result in massive losses.
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
Meanwhile, the data from Birdseye shows that the first set of DJT tokens was minted on April 22, 2024. Blockchain explorer SolScan reported that the token currently has a market cap of $299.9M.
The MAGA coin operates under the ticker TRUMP and is currently the most popular political meme coin. Following the rumors, it dropped from $11.37 per token to $5.70 within four hours of the alleged DJT token affiliation with Trump. The token now trades at $7, according to CoinMarketCap. The MAGA coin initially had a market cap of over $400 million but currently sits at $340 million.
The Solana-based Donald Tremp (TREMP) meme coin fell 44.57% from $1.05 to $0.57 before rebounding to $0.76. Another Trump-inspired meme coin that trades under the letters TROG also recorded losses of over 16% following the news of the DJT meme coin.
As the industry awaits confirmation from Trump, several leaders have expressed frustration at the possible perpetrators behind the token launch, emphasizing that the bad actors responsible should be chased out of the crypto industry.
Trump Meme Coins Join the Ranks of Solana Meme Projects
Many crypto enthusiasts speculate that Donald Trump is launching a new crypto token to further endear himself to the $2.5 trillion crypto industry.
By launching on the Solana blockchain, the DJT token will join the ranks of other popular Solana-based meme coin projects, such as “Jeo Boden,” a satirical cartoon of President Biden; “Dogwifhat,” associated with a meme of a dog wearing a pink knitted hat; and “Mother Iggy,” a meme coin launched last month by Australian rapper Iggy Azalea.
The boyz love their $MOTHER pic.twitter.com/J3CqRVYts4
— IGGY AZALEA (@IGGYAZALEA) June 12, 2024
In response to the rumored DJT token launch on Solana, Vivek Ramaswamy, former GOP presidential candidate and adviser to President Trump, exclusively told FOX News that President Trump and his campaign are leaning into crypto, including accepting it.
The former president has made crypto a hot topic in his campaign, even accepting crypto donations from supporters.
Recently, Trump hosted a group of mining executives at his luxurious estate, Mar-a-Lago, where he boldly declared that he wants the US to mine all remaining BTC to boost its energy dominance.