DJT, a crypto token minted two months ago on the Solana blockchain, experienced a dramatic rally of up to 180% on Monday. The surge followed an unconfirmed report suggesting that former U.S. president Donald J. Trump is behind the token.
Pirate Wires, a media outlet known for its critical stance on San Francisco Bay Area politics and its optimistic view on technology, sparked the speculation. The outlet claimed in a post on X that Trump is launching an official token called DJT on the Solana blockchain.
According to Pirate Wires, Trump’s 18-year-old son, Barron, is leading the project. Mike Solana, the CMO of Founders Fund and editor-in-chief of Pirate Wires, shared a smart contract address in a follow-up post, indicating the token had a market capitalization of $177 million at that time.
Despite these claims, Donald Trump’s team has not confirmed the launch of DJT. Blockchain data firms, such as Bubblemaps, cast doubt on the token’s legitimacy, noting that 67% of its supply is held in one cluster, with 43% on Solana-based automated market maker Raydium.
Impact on Related Memecoins
The news had a significant impact on other Trump-related memecoins. The TRUMP token, which shares the former president’s name, dropped 31% to $7.46 within four hours, erasing over $150 million from its market cap, according to Cointelegraph. Similarly, the Donald Tremp (TREMP) token, also on the Solana blockchain, fell 36.8% before recovering slightly. The Jeo Boden (BODEN) token, associated with President Joe Biden, also saw a decline of over 22%.
Market Uncertainty
Despite the rise of DJT to a market cap of $120 million by June 18, the lack of official confirmation from Trump’s team has left the market in a state of uncertainty. Industry leaders expressed frustration at the situation, especially as presidential candidates, including Trump, Biden, and Robert F. Kennedy Jr., have begun to show more interest in the crypto industry as the election approaches.
Mike Solana later clarified that he had not spoken directly with Trump and acknowledged the possibility that the Republican presidential candidate might deny any involvement. As of press time, there has been no response from Trump’s campaign, and he has not mentioned the token on his platform.
It is worth noting that Trump has been showing great interest in the crypto industry. In fact, he has voiced his wish for the remaining Bitcoin to be mined exclusively within the United States. This assertive stance is part of his broader strategy to garner support from the crypto community, especially following the accumulation of over $100 million by the crypto-focused PAC Fairshake.
The DJT token’s surge highlights the volatility and speculation prevalent in the cryptocurrency market, particularly when high-profile figures are rumored to be involved. While the true origins and future of DJT remain uncertain, the episode highlights the growing intersection between politics and the crypto industry.
