Rumors about an “official” Donald Trump token have caused significant market upheaval, with Trump-related memecoins plunging over 30%. Despite claims that Trump’s team launched the DJT token on Solana, there’s no confirmation from Trump himself.
Market Impact and Industry Reactions
The memecoins MAGA (TRUMP) and other Trump-related tokens saw sharp declines after the rumor surfaced. Pirate Wires, a blockchain news outlet, claimed on June 17 that Trump was launching an official token named TrumpCoin under the ticker DJT, reportedly spearheaded by his 18-year-old son, Barron Trump.
However, blockchain data firms like Bubblemaps have cast doubt on the authenticity of these claims. They noted that 67% of the DJT supply is concentrated in one cluster, and 43% of the total supply is on the Solana-based automated market maker Raydium. This concentration raises suspicion about the token’s legitimacy and its ties to Trump.
Memecoin Price Declines
Despite the lack of confirmation, TRUMP dropped 31% to $7.46 within four hours of the rumors, erasing more than $150 million from its market cap, according to CoinGecko data. Smaller Trump-related memecoins were also affected. The Solana-based Donald Tremp (TREMP) token plummeted 36.8% from $0.95 to $0.60 before rebounding to $0.76. Interestingly, the Jeo Boden (BODEN) token, linked to Trump’s presidential rival Joe Biden, fell over 22%.
Also Read: Trump Backs Bitcoin Mining Industry
DJT Token Surge
Amid the chaos, DJT surged to a $120 million market cap on June 18, despite being relatively unknown until the rumor. Data from Birdseye shows that the first batch of DJT tokens was minted on April 22.
Industry Leaders’ Concerns
The lack of clarity from Trump’s camp has left the crypto community in suspense. Industry leaders are frustrated, especially as the token launch rumor coincides with presidential candidates like Trump, Biden, and Robert F. Kennedy Jr. taking a more serious stance on the cryptocurrency industry as the election approaches.
