In a surprising turn of events, Trump-related meme coins, including the popular MAGA (TRUMP) coin, have seen a significant drop of over 51% in value. This decline follows rumors of an upcoming “official” Trump token launch on the Solana blockchain. The rumored token, named TrumpCoin with the ticker DJT, is reportedly being led by former President Donald Trump's son, Barron Trump.

The impact of these rumors was immediate, with the TRUMP token (MAGA) dropping by over 50% to $5.65 within four hours, erasing more than $150 million from its market cap. Other Trump-themed meme coins also suffered significant losses. Meanwhile, the DJT token surged to a $120 million market cap on June 18, despite being relatively unknown until now.

However, the crypto community remains skeptical as Trump’s team has not yet confirmed these rumors. Blockchain data firms like Bubblemaps expressed doubt about the token’s legitimacy, noting that 67% of DJT’s supply is held in one cluster, with 43% on the Solana-based market maker Raydium. Despite the skepticism, the market's response to the rumors indicates the potential impact of celebrity involvement in the crypto space.