Trump token DJT drops 31% as doubts arise about its official connection.
On June 17, rumors spread that former President Donald Trump's team had launched an official cryptocurrency token named TrumpCoin (DJT) on Solana. Despite no confirmation from Trump’s team, the market reacted swiftly, causing significant price drops for Trump-related tokens. Blockchain analytics and industry leaders cast doubt on the token's legitimacy, leading to further market uncertainty.
Key Points:
The rumor claimed Trump’s team, led by his son Barron, launched TrumpCoin (DJT) on Solana. TRUMP token dropped 31% to $7.46 within four hours following the rumors.
Blockchain data firm Bubblemaps indicated that 67% of DJT’s supply is in one cluster, with 43% on Raydium. Industry leaders and analytics firms doubt the legitimacy of DJT’s connection to Trump.
Over $150 million was wiped from TRUMP market cap. Smaller tokens like Donald Tremp (TREMP) and Jeo Boden (BODEN) also experienced significant drops.
DJT surged to a $120 million market cap despite being relatively unknown. The first lot of DJT tokens were minted on April 22.
Frustration among industry leaders about the possible motives behind the token launch. The timing coincides with increased political attention on the cryptocurrency industry as the presidential election approaches.
The market's reaction to the unconfirmed launch of TrumpCoin (DJT) highlights the volatility and speculation surrounding political figures and cryptocurrencies.
As doubts about the token’s legitimacy persist, the industry awaits confirmation from Trump’s team. In the meantime, traders and investors are urged to approach such news with caution.
Learn more about how to navigate the ever-evolving crypto landscape and stay informed about potential market impacts.
Source: Cointelegraph
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