Memecoins
$DJT flies amid unconfirmed news It’s Trump’s official memecoin
KEY POINTS
- $DJT skyrocketed more than 477% in the last 24 hours as memecoin rumors circulated
- Mike Solana clarified that he did not hear the news directly from the former president
- Other political memecoins collapsed following the rumors
The Trump-themed Solana DJT memecoin has seen significant activity over the past 24 hours after a report from The Pirate Wires claimed that former President Donald Trump is launching “an official token” called DJT on the Solana blockchain.
The memecoin in question is already a month old and has not been officially recognized by the Trump campaign. Following The Pirate Wars’ post on GeckoTerminal.
According to conversations, Trump is launching an official token: $DJT on Solana. Barron in the lead.
— Pirate Wires (@PirateWires) June 17, 2024
Although there has been a lot of selling activity around the token in the last few hours, more and more traders have been buying the coin. On Tuesday morning, DJT is trading at around $0.03015, but its price has been largely volatile.
The price and trading activity of $DJT has soared over the past 24 hours. Gecko Terminal
Among multiple reminders on social media about the unconfirmed report, The Pirate Wires editor-in-chief Mike Solana clarified that he “has not spoken directly to Trump” and was only “reporting what I know via sources.” He further reiterated that he “assumed it was clear”, so people should assume that he “could pull the rug out, or spin, say it’s not true”.
receiving many arrivals here. no, I didn’t speak directly to Trump, I assumed he was clear (but text me, Mr. President). let’s also assume that he can pull or rotate, let’s say that’s not true. I’m simply reporting what I know from sources. https://t.co/rGEukksUMs
—Mike Solana (@micsolana) June 17, 2024
Several crypto users on X have warned of the impact of this demand on the market. “This could get really weird,” one user said, pointing out that if the business mogul wins the November 2024 presidential election, the token could fall and rise “based on his popularity” and decision making.
David Bailey, CEO of popular cryptocurrency site Bitcoin Magazine, said that if the report on the DJT memecoin is “false”, whoever “propagated” the token “needs to be tarred, feathered and kicked out of our industry forever” .
If the DJT Solana memecoin is fake, whoever propagated it should be tarred, feathered, and permanently kicked out of our industry. This ensures that the entire industry looks back and signals to the President and his team that we are a liability and not an asset.
— David Bailey🇵🇷 The threshold is 0.65 million dollars/btc (@DavidFBailey) June 17, 2024
One Bitcoiner argued that the former president wouldn’t “risk the backlash from launching a memecoin” and so he’s 1 million percent not approved by Trump.
As rumors swirled throughout Monday night, other politically themed memecoins saw notable price drops, including MAGA (TRUMP), which is down 32.9% in the past 24 hours, and Donald Tremp (TREMP) , which fell by 31.8%. % according to data from CoinGecko.
PolitiFi memecoins dropped amid rumors of an official Trump memecoin. CoinGecko
Non-PolitiFi memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and dogwifhat have also been below in the last 24 hours.
Meanwhile, Trump continues to include the cryptocurrency industry in his speeches in recent weeks, the latest of which is a more specific statement. At an event in Palm Beach, Florida, marking his 78th birthday, he said that if he wins a second term, he will make sure that the future of cryptocurrencies It’s made in the United States and “much” of the business will take place in Florida.