MAGA (TRUMP) and different Donald Trump-related memecoins have plunged greater than 30% amid rumors that Donald Trump’s workforce has launched an “official” token on Solana.
“Primarily based on conversations, Trump is launching an official token” referred to as TrumpCoin beneath the ticker DJT, Pirate Wires claimed in a June 17 X message to its 63,800 followers.
Pirate Wires claims Trump’s 18-year-old son Barron “masterminded” the token.
However Donald Trump’s workforce has not confirmed the token’s launch, and blockchain knowledge corporations like Bubblemaps appear assured that DJT isn’t truly linked to the presidential candidate.
It famous that about 67% of the availability is in a single cluster and that 43% of the entire is held by Solana-based automated market maker Raydium.
Regardless of widespread skepticism, TRUMP fell 31% to $7.46 throughout a short four-hour window following the hearsay, CoinGecko knowledge reveals.
Greater than $150 million has been wiped from TRUMP’s Make America Nice Once more market cap for the reason that information broke.
Trump’s decrease worth memecoins have been hit even more durable.
Solana-based Donald Trump Memcoin (TREMP) fell 36.8% from $0.95 to $0.60 over the identical time interval earlier than recovering to $0.76.
On the topic: Donald Trump’s crypto portfolio briefly surpassed $10 million
Apparently, the Jeo Boden (BODEN) token related to Trump’s fundamental opponent within the presidential election, Joe Biden, additionally fell by greater than 22%.
In the meantime, on June 18, DJT’s market capitalization rose to $120 million, regardless of being comparatively unknown till then.
Nonetheless, Birdseye knowledge reveals that the primary batch of DJT tokens was minted on April twenty second.
Because the trade waits for affirmation from Trump, a number of trade leaders have expressed dismay on the doable criminals behind the token’s launch — because it comes at a time when presidential candidates like Trump, Biden and Robert F. Kennedy — Jr., have begun to take the trade extra critically because the upcoming election approaches.
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