Trump-Related Memecoins Nose-dive Amid Unconfirmed 'TrumpCoin' Launch Rumors
Summary:
Donald Trump-related memecoins, including MAGA (TRUMP), plunged over 30% following rumors of an "official" token launch on Solana by Trump’s team. The alleged token, TrumpCoin (DJT), is supposedly spearheaded by Trump's son, Barron. However, the news hasn't been confirmed by Trump's team or blockchain data firms. In the wake of the rumors, TRUMP's value fell 31% within four hours, wiping out over $150 million from the market cap. Other Trump themed memecoins like Donald Tremp (TREMP) also suffered, while the unverified DJT saw a spike in market cap to $120 million. The crypto industry is awaiting official confirmation.
The MAGA (TRUMP) along with other memecoins related to Donald Trump suffered a significant slump of over 30% due to speculations about the launch of an "official" token by Trump's team on Solana. As per Pirate Wires, a post on June 17 notified the network's 63,800 followers about the upcoming "TrumpCoin", coded DJT, allegedly involving Trump's youngest son, Barron. Nevertheless, these revelations are yet to be verified by Trump's team and blockchain data experts like Bubblemaps remain skeptical about DJT's connection to Trump. Observations highlight that approximately 67% of the supply is held in one bundle and 43% of the total supply is located on the Solana-based Raydium automated market maker. Despite these suspicions, the TRUMP coin fell sharply by 31% to $7.46 within a span of just four hours post the rumors, according to CoinGecko data. The speculation resulted in a massive decline of more than $150 million in the market cap of the TRUMP coin, themed after Trump's Make America Great Again slogan. Other less-valued Trump memecoins took a greater hit, with the Solana-backed Donald Tremp (TREMP) memecoin dropping 36.8% from $0.95 to $0.60, before making a slight recovery to $0.76. Interestingly, the Jeo Boden (BODEN) token, associated with Trump's principal rival, Joe Biden, also fell by over 22%. On the other hand, DJT which was relatively obscure until recently, saw a surge in its market cap to $120 million on June 18. Data from Birdseye reveals that the first batch of DJT tokens was created on April 22. While the crypto industry awaits official word from Trump, several industry heads have expressed discontent regarding the potential orchestrators of the token launch, especially at a time when presidential hopefuls like Trump, Biden, and Robert F. Kennedy Jr are considering the industry with increased seriousness as the forthcoming election approaches.
Published At
6/18/2024 5:18:24 AM
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