Trump token dumps 31% despite doubts he’s behind the DJT token

Brayden Lindrea6 hours agoTrump token dumps 31% despite doubts he’s behind the DJT tokenTrump hasn’t confirmed or denied ties to the DJT token, but a blockchain analytics firm and industry leaders raised doubt that Trump’s team launched it.4777 Total views20 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksMAGA (TRUMP) and other Donald Trump-related memecoins fell more than 30% amid rumors that Donald Trump’s team launched a “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.

However, 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.

It noted that 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.TRUMP’s change in price over the last 24 hours. Source: CoinGecko

Smaller-valued Trump memecoins 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.

Related:Donald Trump’s crypto portfolio briefly peaks above $10M

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 being relatively unknown.

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, which comes at a time when presidential candidates like Trump, Biden and Robert F. Kennedy Jr. have started taking the industry more seriously as the upcoming presidential election nears.Source:David Bailey

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