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Trump Memecoins Slump 51% Amid DJT Token Launch Rumors
Donald Trump-related memecoins, including MAGA (TRUMP), saw a significant decline, falling more than 51% amid rumors of an “official” Trump token launch on Solana.
According to a June 17 post by Pirate threadsTrump is reportedly launching a token called TrumpCoin under the ticker DJT, led by his 18-year-old son, Barron.
MAGA (TRUMP) Chart | Source: CoinmarketCap
However, Trump’s team has not confirmed this token launch. Blockchain data firms like Bubblemaps doubt the token’s legitimacy, pointing out that 67% of DJT’s supply is held in a cluster, with 43% on Solana-based market maker Raydium.
According to reports, TRUMP fell 51% to $5.70 in four hours CoinMarketCap. This decline wiped over $150 million off TRUMP’s market capitalization. Smaller Trump memecoins also took a hit.
Solana-based memecoin Donald Tremp (TREMP) plunged 44.57% from $1.05 to $0.57 before rebounding to $0.76. Interestingly, the Jeo Boden token (BODEN), linked to Joe Biden’s memecoin (BIDEN), also fell by more than 32%.
Meanwhile, DJT rose to a market capitalization of $120 million on June 18, despite the relativity to Trump being unknown until now. Birdseye data shows that the first DJT tokens were minted on April 22.
As the industry awaits confirmation from Trump, several leaders have expressed frustration with the possible perpetrators behind the token’s launch.
This situation comes as presidential candidates such as Trump, Biden, and Robert F. Kennedy Jr. are increasingly focusing on the cryptocurrency sector as the next election approaches.
Read also: Trump vows to end Joe Biden’s ‘war on cryptocurrencies’ if elected