Trump has not confirmed his association with the DJT token, but blockchain analysts and industry leaders are skeptical of his official connection.
Trump-related #meme coins, including the popular MAGA (TRUMP) coin, have experienced a significant decline, falling in value by more than 51%.
This drop followed rumors that Trump tokens would "officially" launch on the #Solana #blockchain .
According to a June 17 report by Pirate Wires, former U. S. President Donald Trump is allegedly preparing to launch a #token called TrumpCoin with the ticker DJT, and rumored to be his 18-year-old son Barron Trump.
Trump is rumored to launch the official token, $DJT, in Solana. The initiator is Barron's.
It didn't take long for the rumors to spread: in four hours, the TRUMP token (MAGA) fell more than 50% to $5.65, wiping out more than $150 million in market value. Other Trump-themed meme coins also suffered heavy losses.
The Donald Tremp meme coin (TREMP), founded by Solana, fell by 50%, dropping from $1.05 to $0.53 before returning to $0.71. Similarly, the Geo Boden token (BODEN) fell more than 32%.
Meanwhile, although DJT tokens were still relatively unknown, their market value reached $120 million on June 18; according to Birdseye, the first DJT token was minted on April 22.
Trump's team has yet to confirm these rumors, leading to speculation and concern in the crypto community.
Mike Solana, CMO of venture capital firm Founders Fund and editor-in-chief of Pirate Wires, published the smart contract address "for clarification" in response to his publication's tweet. At the time of writing, the market value of the tokens associated with the contract was $177 million.
However, Mr. Solana later clarified that he had not spoken directly to Mr. Trump and acknowledged that the latter might deny his involvement with the tokens. I simply reported what I know from my sources,'' Mr. Solana said.
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