The market for MAGA (TRUMP) and other memecoins associated with Donald Trump plummeted by more than 30% following rumors that Donald Trump’s team had introduced an “official” token on the Solana blockchain.
According to Pirate Wires, a post on June 17 claimed that Trump was launching a token called TrumpCoin with the ticker DJT, with his son Barron leading the initiative. However, there has been no confirmation from Trump’s team regarding the launch of the token, and data from Bubblemaps suggests that DJT may not be directly related to the former president.
Bubblemaps highlighted that a significant portion of the token’s supply is concentrated in one cluster, with a large percentage of it being traded on the Solana-based Raydium platform. Despite uncertainties surrounding the authenticity of DJT, the value of TRUMP plunged by 31% to $7.46 within a short span of four hours after the rumors surfaced, causing over $150 million to be wiped off the market cap of the Make America Great Again-themed coin.
In addition to TRUMP, other Trump-inspired memecoins also experienced significant losses. The Solana-powered Donald Tremp (TREMP) memecoin dropped by 36.8% from $0.95 to $0.60 before climbing back to $0.76.
Interestingly, even the Jeo Boden (BODEN) token associated with Trump’s political rival Joe Biden saw a decrease of over 22%. On the other hand, DJT saw a surge in its market cap to $120 million on June 18, despite being relatively unknown until then. Birdseye data revealed that the first batch of DJT tokens was minted on April 22.
As the industry awaits official confirmation from Trump regarding the token, many industry leaders have expressed frustration over the potential individuals behind the launch. This development comes at a time when presidential candidates like Trump, Biden, and Robert F. Kennedy Jr. are increasingly engaging with the crypto industry as the next election approaches.