Memecoins associated with Donald Trump, including MAGA (TRUMP), experienced a significant drop of over 30% amid rumors of an “official” token launch on Solana by Trump’s team.
Pirate Wires shared in a June 17 post to its 63,800 followers that Trump was launching a token called TrumpCoin under the ticker DJT, supposedly spearheaded by his 18-year-old son, Barron.
Despite these claims, Trump’s team has not confirmed the token launch.
Blockchain data firms like Bubblemaps are skeptical about DJT’s connection to Trump, noting that around 67% of the supply is in one cluster and that 43% is on Solana-based automated market maker Raydium.
In response to the rumors, TRUMP dropped 31% to $7.46 within four hours, according to CoinGecko data.
This led to a loss of over $150 million from the Make America Great Again-themed TRUMP market cap.
Smaller Trump-related memecoins were affected even more.
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The Solana-based Donald Tremp (TREMP) memecoin fell 36.8% from $0.95 to $0.60 before rebounding to $0.76.
Interestingly, the Jeo Boden (BODEN) token, linked to Trump’s rival Joe Biden, also dropped over 22%.
Despite being relatively unknown, DJT surged to a $120 million market cap on June 18. Data from Birdseye shows that the first DJT tokens were minted on April 22.
While the industry awaits confirmation from Trump, several industry leaders expressed frustration at the potential perpetrators behind the token launch, especially as presidential candidates like Trump, Biden, and Robert F. Kennedy Jr. have started engaging more with the industry ahead of the upcoming election.
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