Donald Trump-related meme coins declined over 30% following rumors that Trump’s team launched an official token on Solana.
Although Trump has yet to deny or confirm that he launched the DJT token, industry stakeholders and some blockchain analytical platforms remain skeptical about his involvement.
In a tweet, Pirate Wires claimed Donald Trump is releasing an official crypto token named TrumpCoin with the ticker DJT.
Data Reveals DJT Might Not be Affiliated to Trump as MAGA Declines
In its X post, Pirate Wires claimed that Trump’s 18-year-old son, Barron, was the primary support behind the DJT token. The DJT token has 67% of its total supply in one location and 43% in the Solana-based automated market maker Raydium.
However, neither Donald Trump nor his team have confirmed the token launch. Blockchain data firm Bubblemaps also noted that the token is not linked to Donald Trump.
The rumors seem to have adversely affected Trump-related tokens as MAGA ($TRUMP) dropped 31% to $7.46 four hours after the rumors, according to CoinGecko data.
Trump trades at $6.37, having declined over 40% in the past 24 hours. Additionally, since the rumors began, Trump has lost over $150 million from its overall market cap value.
Similarly, the Solana-based meme coin Donald Tremp (TREMP) has declined by 39.5% from $0.95 to $0.54 in the last 24 hours. Another meme token, Jeo Boden (BODEN), related to US President Joe Biden and Trump’s political rival, fell over 28%.
Comparatively, DJT rallied to a $120 million market cap on June 18 despite its limited popularity. Data from Birdseye reveals that the first batch of the DJT tokens was first minted on April 22.
While the crypto community remains skeptical, Bubblemaps dismissed Pirate Wires claims as false, noting that DJT isn’t affiliated with Donald Trump.
Crypto Enthusiasts React
While the crypto community awaits Trump’s comment, several top industry leaders have weighed in on this development. Some say it could be propaganda to cash out from the increased popularity of crypto among US politicians as the election nears.
Moreover, top US Presidential candidates like Trump, Biden, and Robert F. Kennedy Jr. are taking crypto more seriously. Therefore, some opportunists could jump on the soaring popularity of crypto to create tokens linked to these candidates.
David Bailey, a notable developer, said fake tokens such as DJT send the wrong signals to the President that crypto is a liability and not an asset. He also believes the drama could be targeted at Trump’s campaign to discourage voters from supporting him.
Another enthusiast, Crypto Facts, criticized Trump, claiming he created a scam university and fake charity. Responding to the claims, Bailey said the critic was letting partisan politics cloud his judgment.
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