As the United States presidential election approaches, leading candidates Donald Trump and Joe Biden have turned their attention to the cryptocurrency industry, hoping to rally support among tech-savvy voters. In a surprising development, a Solana-based meme coin named TrumpCoin (DJT) skyrocketed by over 368% in the past 24 hours, reaching approximately $0.025 during Tuesday’s early New York session.
Here’s what you should know.
The Birth of TrumpCoin
The buzz around TrumpCoin started with Pirate Wires, a daring media outlet, which hinted at the former president’s endorsement through its official account on X. Despite the excitement, Ryan Selkis, CEO and founder of Messari crypto, cautioned investors to be wary, suggesting the possibility that the Federal Reserve might be behind the account.
I’m not 100% sure whether the Trump memecoin is real or an op, but I’m 50-50.
I offered to help the people that reached out with legal and biz intros but told them I wouldn’t take anything in return because I got the vibes that the guy who approached me is a Fed.
Stay safe!!!
— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) June 17, 2024
DJT & Market Frenzy
The surge in DJT meme coin’s value was accompanied by a remarkable increase in trading volume. On-chain data from Birdeye revealed that DJT’s fully diluted market cap stood at around $248 million, while its daily average trading volume soared to approximately $372 million. Additionally, DJT boasts locked liquidity of about $86 million on Solana, with over 10,000 holders.
Other Meme Coins Take a Hit
While DJT captured significant attention, other meme coins linked to Trump’s political influence experienced sharp declines. The Ethereum-based MAGA (TRUMP) coin plummeted by more than 36% in the last 24 hours, trading around $6.87. Similarly, another Trump-themed coin, MAGA Again (MAGAA), fell by over 47%, trading at approximately $0.013 on Tuesday.
The rising involvement of US political parties in cryptocurrency discussions highlights an increasing adoption of web3 and digital assets. Furthermore, the recent approval of spot Bitcoin and Ethereum ETFs in the United States is expected to draw more institutional investors into the crypto market soon.
Also Read : Why Crypto Market is Down Today?
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