DJT, a brand new meme coin on Solana (SOL), is seeing a surge in buying and selling exercise and a large worth spike following a rumor that the token is an official crypto token from former US President Donald Trump.
If the rumor is true, it might mark the primary time a US presidential candidate has launched their very own cryptocurrency. Nevertheless, on the time of writing, there isn’t any official assertion from Trump’s aspect relating to the information.
DJT Witnesses Over 1,000% Surge within the Final 24 Hours
The rumors began with a tweet from The Pirate Wires’ X (Twitter) account on Monday. The platform reported that Trump is launching DJT as his official token, spearheaded by his son—Barron Trump.
Mike Solana, Editor-in-Chief of Pirate Wires, shared the token’s contract tackle within the thread. But, he later clarified that he had not spoken with Trump immediately and was merely reporting data from his sources.
Learn extra: Easy methods to Purchase Solana Meme Cash: A Step-By-Step Information
These tweets sparked a frenzy across the DJT, which has the identical title as Trump’s firm, Trump Media and Expertise Group, inventory ticker. In response to DEX Screener information, DJT momentarily reached a market capitalization of over $5 million at 22:30 on June 17.
Nevertheless, on the time of writing, its market capitalization has decreased to $794,990. DJT is now buying and selling at $0.0007990, representing a rise of 1,451% for the final 24 hours.
This information has sparked debates throughout the crypto group. Tommy Shaughnessy, co-founder of Delphi Digital, suggested warning. He urged that the Pirate Wires account might need been hacked and that DJT could possibly be a rip-off.
Moreover, Shaughnessy famous a number of crimson flags from the DJT token. These embrace the dearth of a locked liquidity pool, funding from KuCoin, and a excessive focus of tokens held by prime homeowners.
“Trump doesn’t want to be the first to take credit or tweet about it? No shot. I lean scam,” Shaughnessy wrote.
Blockchain information supplier Bubblemaps shared their on-chain evaluation. Its analysis reveals that 67% of the DJT provide is in a single cluster.
Moreover, Bubblemaps famous that Raydium Concentrated Liquidity holds 43% of the availability. In the meantime, one cluster holds the opposite 46%, with important transfers to 140 wallets.
Learn extra: 11 Prime Solana Meme Cash to Watch in June 2024
Regardless of skepticism, some crypto group members imagine DJT could be an official token from Trump. They argue that the token’s distribution aligns with Trump’s potential technique of immediately hoarding the availability and promoting small quantities. Nevertheless, they acknowledge that the token provide of 10 billion is uncommon for Trump, who would possibly favor a smaller, extra beneficial provide.
Different Trump-inspired meme cash, together with MAGA and TREMP, are at present in the marketplace. These meme cash have skilled meteoric rises, significantly after Trump delivered speeches that confirmed his assist for the crypto trade.
Whereas the reality behind this rumor continues to be unsure, the DJT token stays a scorching matter among the many crypto group. Whether or not it’ll crash like different movie star meme cash or maintain its worth depends upon the veracity of the Trump rumors and the group’s response.
Disclaimer
In adherence to the Belief Challenge tips, BeInCrypto is dedicated to unbiased, clear reporting. This information article goals to supply correct, well timed data. Nevertheless, readers are suggested to confirm information independently and seek the advice of with knowledgeable earlier than making any selections primarily based on this content material. Please be aware that our Phrases and Circumstances, Privateness Coverage, and Disclaimers have been up to date.
