Donald Trump-related memecoins, including MAGA (TRUMP), experienced a significant drop, falling over 51% due to rumors about an “official” Trump token launch on Solana.
According to a June 17 post by Pirate Wires, Trump is allegedly launching a token named TrumpCoin with the ticker DJT, spearheaded by his 18-year-old son, Barron.
However, Trump’s team has not confirmed this token launch. Blockchain data firms like Bubblemaps doubt the token’s legitimacy, noting that 67% of DJT’s supply is held in one cluster, with 43% on Solana-based market maker Raydium.
Following the rumors, TRUMP dropped 51% to $5.70 within four hours, according to CoinMarketCap. This decline wiped out over $150 million from the TRUMP market cap. Smaller Trump memecoins also took a hit.
The Solana-based Donald Tremp (TREMP) memecoin fell 44.57% from $1.05 to $0.57 before rebounding to $0.76. Interestingly, the Jeo Boden (BODEN) token, linked to Joe Biden’s (BIDEN) memecoin, fell over 32% as well.
Meanwhile, DJT surged to a $120 million market cap on June 18, despite being relativity with Trump is unknown till now. Data from Birdseye shows that the first DJT tokens were minted on April 22.
As the industry awaits confirmation from Trump, several leaders have expressed frustration at the possible perpetrators behind the token launch.
This situation arises as presidential candidates like Trump, Biden, and Robert F. Kennedy Jr. are increasingly focusing on the cryptocurrency industry as the upcoming election approaches.
Also Read: Trump Vows To End Joe Biden’s ‘war on crypto’ if Elected
