Memecoins
Is Barron Trump behind the new Trump-themed DJT Solana memecoin? Here’s what we know
THE cryptocurrency the world is no stranger to unexpected characters and wild speculation. Lately, Trump themed Solana (SOL) memetic currency called TrumpCoin with the ticker “DJT” (standing for “Donald John Trump” and stock symbol of Truth Social) has generated a stir with its exponential growth. Internet rumors raise the question: Is Barron Trump behind this new Trump-themed meme coin?
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DJT, launched in March on the so-called “meme coin casino blockchain” Solana, until recently flew under the radar. On the evening of June 17, 2024, DJT’s hourly trading volume went from less than $400 to nearly $3 million. During this period, its price increased by almost 9,000% (from $0.000058 to $0.00512). This peak was followed by a sharp sell-off and the coin currently has a market capitalization of around $200 million, priced at $0.019.
But why did it take so long for DJT to explode, and what catalysts awakened this dormant token? DJT initially became confused with the rapid influx of other Trump-themed tokens. The speculative nature and overall volatility of meme coins have made them unattractive to potential investors. That all changed when Pirate Wires, a maverick media outlet, posted on X (formerly Twitter): “According to conversations, Trump is launching an official token: $DJT on Solana. Barron in the lead.” This publication sent DJT’s price skyrocketing and sparked questions about Trump’s son Barron, who designed the token.
Mike Solana, editor-in-chief of Pirate Wires, responded to the post with the address of the token contract. According to him, he published the address “for visibility”. His tweet received significant reaction: some responses from the crypto community included “Mike get your account together” and “This can’t be real.”
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Mike acknowledged the negative responses, saying, “I’ve gotten a lot of information here…I’m just reporting what I know through sources,” and went so far as to ask Trump to agree: “No, I haven’t spoken to Trump directly , I assumed that was clear (text me though, Mr. President).” As of this writing, Trump and his team have not responded.
Ryan Selkis, founder and CEO of Messari (a leading cryptocurrency exchange and data provider), made an cryptographic of “stay safe!!! ”
It didn’t take long for the crypto community to catch on. Golden Degen, a respected meme coin influencer on Portfolio number one contained almost 50% of the total supply, another 20%.
While the idea of Barron Trump leading the DJT is appealing, it remains speculative at best. It appears that the token’s rally has largely been attributed to exploiting Trump’s name with unsubstantiated claims. Unfortunately for those who leave it FOMO (fear of missing out) buy at the top, history predicts that DJT will follow the familiar “pump and dump” cycle like many other celebrity tokens lacking fundamentals. However, this well-orchestrated marketing scheme provided early investors with a chance to make a profit, while others gained cash on the way out.
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