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DJT Meme Coin Rises 1000% After Donald Trump Rumors

DJT Meme Coin Rises 1000% After Donald Trump Rumors

DJT Meme Coin Rises 1000% After Donald Trump Rumors

DJT, a new meme coin on Solana (SOL), is seeing an increase in trading activity and a massive price increase following a rumor that the token is an official crypto token from former US President Donald Trump.

If the rumor is true, it would mark the first time a US presidential candidate has launched their own cryptocurrency. However, at the time of writing, there is no official statement from Trump regarding the news.

DJT is witnessing an increase of over 1,000% in the last 24 hours

The rumors started on Monday with a tweet from The Pirate Wires’ X (Twitter) account. The platform reported that Trump is launching DJT as his official token, led by his son – Barron Trump.

Mike Solana, editor-in-chief of Pirate Wires, shared the token’s contract address in the thread. However, he later clarified that he had not spoken directly to Trump and was simply reporting information from his sources.

Read More: How To Buy Solana Meme Coins: A Step By Step Guide

Those tweets sparked a frenzy around DJT, which shares the same name as Trump’s company, the stock ticker Trump Media and Technology Group. According to DEX Screener data, DJT currently reached a market capitalization of over $5 million as of 10:30 PM on June 17.

However, at the time of writing, its market cap has dropped to $794,990. DJT is now trading at $0.0007990, representing a 1,451% increase in the last 24 hours.

DJT price performance.
DJT price performance. Source: DEX Screener

This news has sparked debate within the crypto community. Tommy Shaughnessy, co-founder of Delphi Digital, advised caution. He suggested that the Pirate Wires account might have been hacked and that DJT might be a scam.

Additionally, Shaughnessy noted some red flags from the DJT token. These include the lack of a locked-in liquidity pool, funding from KuCoin, and a high concentration of tokens held by top owners.

“Trump doesn’t want to be the first to take credit or tweet about it? No shot. I lean into cheating,” Shaughnessy wrote.

Blockchain data provider Bubblemaps shared their on-chain analysis. His research shows that 67% of DJT supply is in a single cluster.

Additionally, Bubblemaps noted that Raydium Concentrated Liquidity holds 43% of the supply. Meanwhile, one cluster owns the other 46%, with significant transfers to 140 wallets.

Read more: 11 Top Solana Meme Coins to Watch in June 2024

DJT supply allowances. Source: X/bubblemaps

Despite the skepticism, some members of the crypto community believe that DJT could be an official token from Trump. They argue that the token distribution aligns with Trump’s potential strategy of directly accumulating supply and selling small amounts. However, they acknowledge that the 10 billion token offering is unusual for Trump, who may prefer a smaller and more valuable supply.

Other Trump-inspired meme coins, including MAGA and TREMP, are currently on the market. These meme coins have experienced skyrocketing growth, especially after Trump gave speeches showing his support for the crypto industry.

Although the truth behind this rumor is still uncertain, the DJT token remains a hot topic among the crypto community. Whether it crashes like other celebrity meme coins or holds its value depends on the veracity of the Trump rumors and the community’s response.

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