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A month-old DJT coin on Solana We are seeing a flurry of trading activity and a massive price rally as Crypto Twitter focuses on unsubstantiated rumors that former US President Donald Trump is launching an official token of the same name.
While Trump has taken overt steps to court the cryptocurrency community, this latest claim has been incited by The sons of pirates on Twitter on Monday and was briefly tagged with a “community note” declaring it “fake news” – although as of this writing, the note does not currently appear on the tweet.
The sons of pirates‘ Editor-in-chief Mike SolanaAlso Marketing Director at venture capital company Although not officially linked to the Solana blockchain network, Founders Fund clarified that it “has not spoken directly with Trump” and is “simply reporting what I know via sources.”
The publication’s tweet also originally suggested that Trump’s 18-year-old son Barron would “spearhead” the symbolic project.
The tweets nevertheless sparked a frenzy around a Solana token labeled DJT, singled out in replies to rumor tweets from other Crypto Twitter users. This otherwise mundane symbol – among dozens invoking Trump’s name – then took off.
The DJT Solana token, which launched on April 21 and saw a single-day trading spike on June 1, has now recorded over $129 million in trading volume on more than 26,000 transactions in just 24 hours, according to GeckoTerminal.
During this period, its price, extremely volatile from minute to minute, frequently doubled. Doubled to a whopping $0.015+ per token, as of this writing. However, there was a price surge to $0.37 on Monday evening.
With a current total market cap of $155 million, the unfounded DJT token is unlikely to move the markets and will most likely follow the flash and crash cycle of most celebrity coins. But Trump’s name has been a pretty reliable driver of crypto market interest, whether through the sale of its official NFTs Or tribute tokens like MAGA. Both Trump and current US President Joe Biden have inspired a litany of tokens.
A week ago, Trump reportedly said that he would be a “crypto president” at a fundraiser in San Francisco, a tech-friendly city. The possible role of crypto in the upcoming US presidential election is coming under increased scrutiny, with Biden reportedly preparing to attend a Bitcoin roundtable next month.
Neither the Trump campaign nor representatives for Trump’s media company immediately responded to a request for comment from Decrypt.
Edited by Andrew Hayward
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