Memecoins
Is Barron Trump Behind the New Trump-Themed DJT Solana Memecoin? Here’s what we know
Is Barron Trump Behind the New Trump-Themed DJT Solana Memecoin? Here’s what we know
THE crypto The world is no stranger to unexpected characters and wild speculation. Lately, a Trump-themed theme Solana (SOL) piece of money called TrumpCoin with the ticker “DJT” (for “Donald John Trump” and stock symbol of Truth Social) generated buzz with its exponential rise. Internet rumors beg the question: Is Barron Trump behind this new Trump-themed coin?
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DJT, launched in March on the so-called “casino meme coin blockchain” Solana, went unnoticed until recently. On the evening of June 17, 2024, DJT’s hourly trading volume increased from less than $400 to nearly $3 million. During this period, its price increased by almost 9,000% ($0.000058 to $0.00512). This spike was followed by a strong sell-off, and the coin currently sits around a market cap of around $200 million, priced at $0.019.
But why did it take so long for DJT to explode, and what catalysts awakened this sleeping token? DJT initially fit in with the rapid influx of other Trump-themed tokens. The speculative nature and overall volatility of the meme coins made them unattractive to potential investors. That all changed when Pirate Wires, a maverick media outlet, posted on X (formerly Twitter): “According to conversations, Trump is launching an official token: $DJT on Solana. Barron is spearheading it.” This post caused the price of DJT to skyrocket and sparked investigations into Trump’s son Barron, who is behind the token.
Pirate Wires editor Mike Solana responded to the post with the token’s contract address. According to him, he published the address “for more visibility”. His tweet received significant backlash – some responses from the crypto community included: “Mike, get your account back” and “This can’t be real.”
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Mike acknowledged the negative responses, saying, “I get a lot of stuff here…I’m just reporting what I know via sources,” and went so far as to ask Trump to agree: “No, I haven’t spoken directly with Trump, I assumed that was clear (send me a message though, Mr. President).” As of this writing, Trump and his team have not responded.
Ryan Selkis, founder and CEO of Messari (a major crypto marketplace and data provider), posted an X-rated post following the DJT stir, saying he was “50-50” on the legitimacy of the token and warned the crypto community to “stay safe!!! “
The story continues
It didn’t take long for the crypto community to realize this. Golden Degen, a well-respected influencer on X, mocked Pirate Wires’ tweet, responding with an image showing the extremely uneven distribution of the wallet’s holdings. Wallet number one held almost 50% of the total supply, with another holding 20%.
While the idea of Barron Trump running DJT is appealing, it remains speculative at best. It appears that the token’s rally has been largely attributed to leveraging Trump’s name with baseless claims. Unfortunately for those who leave their FOMO (fear of missing out) buy at the top, history predicts that DJT will follow the familiar “pump and dump” cycle like many other celebrity tokens lacking fundamentals. Nonetheless, this well-orchestrated marketing plan provided early investors with a chance to make profits, while others became cash exits.
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