As an experienced financial analyst, I find the recent developments surrounding Trump-related meme coins intriguing but also concerning. The rapid drop in value of popular tokens like MAGA and BODEN following rumors of a new TrumpCoin (DJT) launch on Solana is noteworthy.
The value of meme coins associated with former U.S. President Donald Trump, such as the widely used MAGA (TRUMP) coin, has taken a substantial hit, declining by more than 51%.
This decline follows rumors of an upcoming “official” Trump token launch on the Solana blockchain.
Trump-Related Meme Coins Plummet
Based on a June 17 blog post by Pirate Wires, it’s claimed that Donald Trump, the former US president, is planning to launch a digital token called TrumpCoin, with the symbol DJT. This endeavor is believed to be led by his son, Barron Trump, who is now 18 years old.
Per conversations, Trump is launching an official token — $DJT on Solana. Barron spearheading.
— Pirate Wires (@PirateWires) June 17, 2024
The swift repercussions of the rumors led to a dramatic decline for the TRUMP token (MAGA), causing it to plummet by approximately 50% and reach a value of $5.65 within just four hours. This downturn resulted in the erasure of around $150 million from its market capitalization. Similarly, other cryptocurrencies with Trump-themed meme names experienced substantial losses as well.
As an analyst, I’ve observed significant price fluctuations in the cryptocurrency market recently. Specifically, the meme coin TREMP, which runs on the Solana blockchain, experienced a sharp drop of approximately 50% from its peak at $1.05 down to $0.53. However, it managed to rebound slightly and is currently trading around $0.71.
As a researcher examining the cryptocurrency market, I’ve come across an intriguing development: The DJT token saw a significant surge in value, reaching a market capitalization of approximately $120 million on June 18. Prior to this event, it had flown under the radar for most investors. However, delving deeper into the data from Birdseye, I discovered that the first DJT tokens were minted as early as April 22.
Crypto Community Remains Skeptical
The Trump team has yet to verify these rumors, resulting in extensive conjecture and ambiguity among crypto enthusiasts.
As a researcher, I came across an intriguing post by Mike Solana, who holds the roles of CMO at Founders Fund and editor-in-chief of Pirate Wires. In response to one of their tweets, he publicly shared a smart contract address for transparency reasons. Currently, the market capitalization of the token linked to this contract hovers around $177 million.
I’m receiving a large volume of inquiries on this topic. I didn’t have a direct conversation with Trump, but I believe that was made apparent. I also take into account the possibility of Trump denying it or changing his stance (pivot). I’m merely conveying information based on my sources. Feel free to contact me if you’re the president, Mr. Trump.
— Mike Solana (@micsolana) June 17, 2024
As a researcher, I came across information suggesting that Solana had interacted with former President Trump regarding the TRX token. However, upon further investigation, Solana clarified that he hadn’t held a direct conversation with Trump and acknowledged the likelihood of Trump denying any involvement. All I can do is share this information based on my sources.
Experts at data firms specializing in blockchain technology, such as Bubblemaps, have raised concerns about the authenticity of the token DJT. They expressed skepticism, saying “I hope this is false information,” and pointed out that over two-thirds (67%) of DJT’s total supply are concentrated in one group. Furthermore, approximately 43% of these tokens are traded on the decentralized market maker Raydium running on the Solana blockchain.
Ryan Selkis, the founder of data provider Messari and known for voicing his support for Donald Trump, stated that there was an equal chance the token in question was genuine or a deception.
I, as a crypto investor, would add to the skepticism and say that if Trump’s team is using Kucoin for their crypto transactions, then it’s not actually Trump making those moves. In the US, it’s not possible to buy cryptocurrencies directly on Kucoin, so any activity there might not truly represent the actions of the president.
Read More
- W PREDICTION. W cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- AEVO PREDICTION. AEVO cryptocurrency
- REF PREDICTION. REF cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- FLOKI PREDICTION. FLOKI cryptocurrency
- HIFI PREDICTION. HIFI cryptocurrency
- CGPT PREDICTION. CGPT cryptocurrency
- AKT PREDICTION. AKT cryptocurrency
2024-06-18 14:27