[{"category":{"name":"Trending News","exported_url":"trending-news"},"id":"92d03d46-b228-43d0-af0f-ac19b8442fc8","updated_at":"2024-06-18T08:11:04.997+00:00","account":{"firstName":"Mason","lastName":"Thompson"},"description":"Find out whether Donald Trump created a new crypto coin named "Trump Coin" to get support in the crypto world?","sapo":"People in Solana are talking about the DJT token, a meme coin linked to former President Donald Trump. If it's true, this would be the first time a major U.S. presidential candidate made their own digital money - but, this still appears to be a big “if”.","title":"Trump Coin DJT on Solana Skyrockets During Rumors It's Official Token","content":"

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In the early hours of June 18, 2024, the cryptocurrency community on X (Twitter) was abuzz with rumors about a new meme coin on Solana connected to a famous person, with the ticker symbol DJT, which is supposedly linked to former U.S. President Donald Trump. DJT is also the acronym for Donald John Trump - the full name of this billionaire.

Notably, an account named "Pirate Wires," which poses as a technology news outlet from the Silicon Valley, confirmed that the DJT coin is the official token of Donald Trump. This account also stated that the project is being managed by Trump's son, Barron Trump.

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Mike Solana, the Marketing Director of the Founders Fund owned by billionaire Peter Thiel, as well as the Editor-in-Chief of Pirate Wires, has declared that this information is true. He has even gone so far as to publish the smart contract address for this Donald Trump coin.

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As soon as the post was written, there were calls in the cryptocurrency community in the analytical accounts pointing to the doubtful aspects of the action. Thus, accounts like Bubblemaps and Conor stated that based on these factors, it is unlikely for DJT token to be a direct project involving Trump. This is because smart contract deployment address was funded through Kucoin exchange, which is currently not welcoming users from the U.S and there exist some internal trading activities with about 64% owned by a cluster of wallets. As of the month of March 2024, the two founders of Kucoin together with the exchange platform were being accused by the U. S Department of Justice of money laundering with $9 billion.

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Others in the community also pointed out that it could also be possible that the account was hacked, or that Mike Solana had been given bad intel.

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Mike Solana later explained that, “didn't speak with Trump directly”, and admitted that Trump “could rug pull, or pivot, say it's not true”. Solana also highlighted that he was “just reporting what I know via sources”.

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The token in that smart contract address published by Mike Solana had a market capitalization of $190 million at the time of reporting. Meanwhile, other political-themed tokens that share the former president's name, such as PoliFi tokens, saw double-digit price declines on the news, according to data from CoinGecko.

The price of the DJT token has experienced significant volatility ever since the information about its alleged connection to Donald Trump was disseminated, up until the point where many community members provided evidence casting doubt on its authenticity. According to data from DEXTools, the DJT token is currently up more than 250% from 24 hours ago, with a market capitalization reaching $190 million and a liquidity pool of nearly $66 million on Raydium.

DJT price changes

DJT price changes. Source: DEXTools

Besides DJT, the crypto market has previously seen several memecoins that have used the former U. S. President’s fame. There is no better example of this than the MAGA (TRUMP) coin traded on the Ethereum blockchain. There are many memecoins issued in political fashion today, but the most famous political memecoin today is called the “MAGA” coin. This token is sold at over $9 per token and it has a current market capitalization of over $400 million. Nevertheless, the value of the MAGA (TRUMP) token declined to just under $7 after the news about this DJT coin.

MAGA price

MAGA price changes on Bitscreener.com

Also, the “Tremp” token which includes the face of the former president and an abusive cartoon character, Doland Duck, a twist to Donald Duck, has shed over 40%. The “Boden” token focused on President Joe Biden also fell by 30%.

TREMP price changes

TREMP price changes on Bitscreener.com

BODEN price changes

BODEN price changes on Bitscreener.com

Many people have sounded the alarm, warning followers about the possibility that this is merely a pump-and-dump scheme that is exploiting the name of Donald Trump. This is in the context of the Solana ecosystem recently witnessing the creation of countless memecoins, many of which have ridden on the coattails of famous personalities.

In this ongoing election campaign, Trump is gradually bringing crypto into the domain of the “Trump card” to appeal to a certain group of voters who are potential investors in cryptocurrency by utterances that support this industry. This also ranges from promises to roll back the current administration’s crypto-suppressive policies, support the miners and even self-proclaim himself as the “Crypto President”

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Trump Coin DJT on Solana Skyrockets During Rumors It's Official Token

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