Trump Token drops 31% even though there is doubt that it is behind DJT Token
MAGA (TRUMP) and other Donald Trump-related memecoins have fallen more than 30% amid rumors that Donald Trump's team has launched an “official” token against Solana.
“By all accounts, Trump is launching an official token” called TrumpCoin under the ticker DJT, Pirate Wires said in a June 17 X post to his 63,800 followers.
Pirate Wires claims Trump's 18-year-old son Barron “led” the hack.
However, Donald Trump's team has not confirmed the launch of the token, and blockchain data companies such as Bubblemaps seem confident that DJT will not be associated with the presidential candidate.
He pointed out that 67% of the supply is available from one cluster, and 43% is from the Solana-based automated market producer rydium.
Despite much skepticism, TRUMP fell 31% to $7.46 in a short four-hour window following the news, CoinGecko data shows.
More than $150 million has been wiped off the market value of America's Greatest Re-imagining TRUMP after the news.
Low-value Trump memecoins have been hit harder.
Solana-based Donald Trump (TREMP) memecoin fell 36.8% from $0.95 to $0.60 in the same period before recovering to $0.76.
RELATED: Donald Trump's Crypto Portfolio Briefly Soars Over $10M
Interestingly, Joe Boden's (BODEN) token, which is linked to Trump's main presidential rival Joe Biden, fell more than 22 percent.
Meanwhile, DJT was relatively unknown but hit a market cap of $120 million on June 18.
Information from Birdseye, however, shows that the first DJT tokens were issued on April 22.
While the industry awaits confirmation from Trump, several industry leaders have expressed dismay at the potential criminals behind the token launch, which comes at a time when presidential candidates such as Trump, Biden and Robert F. Kennedy Jr. are beginning to take the sector seriously. The upcoming presidential election is just around the corner.
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