Trump Meme Coins Dump 31% Despite Doubts He’s Behind The DJT Token

• MAGA (TRUMP) and other Donald Trump meme coins fell 31% amid rumors that Donald Trump’s team launched an “official” token, DJT, on Solana.

Trump hasn’t confirmed or denied ties to the DJT token but a blockchain analytics firm and industry leaders raised doubt that it was launched by Trump’s team.

MAGA (TRUMP) and other Donald Trump-related meme coins fell 31% amid rumors that Donald Trump’s team launched an “official” token on Solana.

“Per conversations, Trump is launching an official token” named TrumpCoin under the ticker DJT, Pirate Wires claimed in a June 17 X post to its 63,800 followers.

Pirate Wires claimed Trump’s 18-year-old son, Barron, was “spearheading” the token.

But Donald Trump’s team hasn’t confirmed the token launch and blockchain data firms such as Bubblemaps seem confident that DJT isn’t actually linked to the presidential candidate.

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

It noted around 67% of the supply is in one cluster and that 43% of the total supply is on Solana-based automated market maker Raydium.

Despite the widespread doubts, TRUMP fell 31% to $7.46 within a short four-hour window following the rumors, CoinGecko data shows.

More than $150 million has been wiped from the Make America Great Again-themed TRUMP market cap since the news.

Smaller-valued Trump meme coins were hit even harder.

The Solana-based Donald Tremp (TREMP) memecoin fell 36.8% from $0.95 to $0.60 in a similar timeframe before rebounding to $0.76.

Interestingly, the Jeo Boden (BODEN) token linked to Trump’s main presidential rival Joe Biden fell over 22% too.

Meanwhile, DJT surged to a $120 million market cap on June 18 despite it being relatively unknown until now.

Data from Birdseye however shows the first lot of DJT tokens were minted on April 22.

While the industry awaits confirmation from Trump, several industry leaders expressed frustration at the possible perpetrators behind the token launch — as it comes at a time where presidential candidates like Trump, Biden and Robert F. Kennedy Jr have started taking the industry more seriously as the upcoming election nears.

If the DJT Solana memecoin is fake, whoever propagated that needs to be tarred and feathered and chased out of our industry for good. This is how you make the whole industry look back and signal to the President and his team we're a liability not an asset.

— David Bailey $0.65mm/btc is the floor (@DavidFBailey) June 17, 2024

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