DJT Coin Surges 230,000%! Does Donald Trump Play a Role in Its Growth?
Journalist
- DJT coin has gained significant attention due to rumors linking it to Donald Trump.
- The value of other Trump-related tokens, including Biden memecoins, has also declined.
Solana report shows a decline in the entire market. [SOL] According to CoinGecko, the memecoin’s market cap has dropped 20.1% in just 24 hours.
A newly launched memecoin called DJT on Solana is seeing increased trading activity despite this decline.
This is due to rumors claiming the token is the official cryptocurrency of former US President Donald Trump.
Rumor or fact?
Pirate Wires is a tech media company that first spread this rumor.
Source: Pirate Wires/X
The tweet originally contained a community note calling it “fake news,” but that note has since disappeared.
Mike Solana, editor-in-chief of Pirate Wires and CMO of venture capital firm Founders Fund (not affiliated with the Solana blockchain network), clarified that he had not spoken to Trump and was simply relaying information from his sources.
This news was not well received by many executives. David Bailey, the CEO of BTC Media, expressed his disapproval by saying:
Source: David Bailey/X
Impact on DJT coin
However, not all of the impacts were negative. According to DEXScreener, the DJT coin has seen a 230,000% surge in the last 24 hours.
While DJT saw a significant surge, other Trump tokens saw declines.
Doland Tremp was a Doland Tremp at the time of writing. [TREMP] MAGA [TRUMP] CoinGecko reported that the price of Bitcoin fell by 28.26%.
The declines were not limited to memecoins associated with Trump.
The price of memecoins associated with Joe Biden (the current president) also fell significantly. Jeo Boden, for example [BODEN] The price of the product fell by 23.69% at the time of writing.
Trump’s crypto moves
Trump has shown many times that he supports crypto lots, regardless of whether the news is true or not.
In May, his campaign created a Coinbase fundraising page to collect crypto donations to support his presidential bid.
He said on Truth Social that he wants all remaining bitcoins [BTC] to be mined in the US
As the election approaches, it will be interesting to see if his actions are genuine or just a political maneuver to gain votes.
