Trump-Inspired Memecoins Crash 30% After Rumors Of Trump’s Official Token Launch
2024年6月19日 - 11:00AM
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The crypto industry has been a crucial topic in the electoral
campaign for the November US presidential elections. This year,
presidential candidates have embraced cryptocurrencies to obtain
the industry’s support. As a result, the community has capitalized
on the momentum with Memecoins. Related Reading: Flocka Fiasco:
Waka Flocka Flame’s Crypto Launch Crashes Into Insider Trading
Scandal PolitiFi tokens, a new memecoin category inspired by
political figures, have performed remarkably this Q2.
Trump-inspired tokens have been the talk of the town after the
Republican candidate started endorsing cryptocurrencies. However,
these memecoins have suffered a massive 30% drop in the last 24
hours. An Official DJT Token? On Monday, Pirate Wires’ X account
announced the launch of an alleged official ‘Trump Coin.’ According
to the report, the token is supposedly led by Trump’s 18-year-old
son, Barron Trump. “Per conversations, Trump is Launching an
official token – $DJT on Solana, Barron spearheading,” read the
post. Mike Solana, CMO at Founders Fund and editor-in-chief at
Pirates Wires, shared a smart contract address seemingly linked to
the token. Additionally, he stated he was “just reporting” on what
he knew “via sources” and that he “didn’t speak with Trump
directly.” Similarly, Martin Shkreli claimed the DJT token is real
on an X Space. He later maintained his position, highlighting the
“confirmation” from a friend of Barron Trump. In a post, the
17-year-old stated, “$DJT IS THE ONLY REAL TRUMP TOKEN.” However,
the crypto community remains skeptical about the authenticity of
the memecoin. Several users highlighted various red flags
surrounding the “official” token, including the DJT’s X Account. A
user pointed out that the official X account has a “strange”
following list. This list includes the controversial figure Andrew
Tate, American streamer Adin Ross, and Shkreli. Moreover, crypto
analytics firm Bubblemaps revealed that 67% of the token’s supply
was in one cluster. Raydium Concentrated Liquidity is the largest
holding, accounting for 43% of the supply. Many community members
expressed their concerns with humor. Some users suggested that
serial scammer Sahil Arora, responsible for several celebrity
memecoins rugs, orchestrated the token launch. Others wondered if
the inconsistencies of the launch made it “more or less likely”
that it was a business venture from the Trump family. At the time
of writing, no official sources have confirmed Trump’s involvement
with the DJT token. Trump Memecoins Plummet Over a month ago, the
former US president declared he was “fine” with cryptocurrencies
and wanted to make it a “solid” industry with clear regulations. At
the time, Trump-inspired memecoins soared over 63% following his
declarations. Additionally, the PolitiFi sector surged, with tokens
like BODEN increasing by nearly 30%. Nonetheless, the story is
different this time as the rumors of an official Trump token
negatively impacted the performance of the memecoins. The PolitFi
tokens report a 30% decline in the last 24 hours, with a market
capitalization of $1.03 billion. Trump-related tokens took the
biggest hit in the sector. Many dropped between 20% and 30% on the
last day. MAGA (TRUMP), the largest token related to the former US
president, saw its price decline by nearly 50% in four hours.
Related Reading: ZkSync (ZK) Drops 20% Amid Binance Listing And New
Token Distribution Program Following the “Trump coin” rumors, TRUMP
dropped from the $10.8 to the $5.6 price range before recovering
below the $7 mark. As of this writing, the token is trading at
$6.94, a 38.7% retrace in the past 24 hours. Similarly, Trump Mania
(TMANIA), Super Trump (STRUMP), and Doland Tremp (TREMP) have
suffered a 35.2%, 20%, 37.6% price decline. Featured Image from
Unsplash.com, Chart from TradingView.com
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