In the crypto world, there are rumors that Donald Trump is working on an official token (DJT): here are the news related to the price.
In the last few weeks, the DJT token has attracted the attention not only of investors but also of industry analysts and the media, causing a significant drop of 31% in its value. Despite persistent rumors, Donald Trump has neither confirmed nor denied any ties to this controversial crypto project.
Donald Trump: the birth of the token DJT and the news on the price of the crypto TrumpCoin
On June 17, Pirate Wires published a post on the X platform, stating that the former president of the United States was launching an official token called TrumpCoin (DJT).
According to the post, Barron Trump, Trump’s eighteen-year-old son, was said to be leading the project. The news immediately sparked a wide range of reactions, both positive and negative, in the world of cryptocurrencies and among Trump’s supporters.
Despite the initial euphoria, a blockchain analysis company and various industry leaders have expressed strong doubts about the veracity of these claims. “There is no concrete evidence directly linking Trump’s team to the DJT token,” stated an analyst from Chainalysis, one of the leading blockchain analysis companies. This lack of confirmation has contributed to the growing uncertainty and volatility around the token.
The news regarding the DJT token had a domino effect on other cryptocurrencies linked to the figure of Donald Trump.
The so-called “PoliFi”, political cryptocurrencies, have experienced a double-digit drop. In particular, the MAGA (Make America Great Again) token and other Trump-related memecoins have fallen by over 30%. Investors, fearing a potential fraud or a manipulative market maneuver, have started to sell their tokens en masse.
If the rumors about DJT were true, this would mark the first time that a presidential candidate from a major political party creates their own cryptocurrency. This scenario, however, seems increasingly unlikely in light of investigations and statements from industry experts. “We are facing a big ‘if’,” commented an analyst from CoinDesk. “The lack of transparency and official confirmations makes this story very doubtful.”
The reaction of the markets
The volatility of the markets has been fueled not only by speculations, but also by significant movements in trading volumes.
Institutional investors and retail traders reacted quickly to the news, leading to an increase in trading and strong selling pressure. The price of the DJT token collapsed by 31% in a few days, highlighting the fragility and sensitivity of the cryptocurrency market to news and speculation.
The case of the DJT token raises important questions about the future of political cryptocurrencies and market regulation.
If on one hand the creation of cryptocurrencies by political figures could offer new opportunities for fundraising and mobilization, on the other hand it could also pave the way for fraud and market manipulation. “It is essential that regulators intervene to ensure transparency and protect investors,” said a spokesperson for the SEC (Securities and Exchange Commission).
Conclusion
The 31% crash of the TrumpCoin (DJT) token highlights the challenges and uncertainties of the cryptocurrency market, especially when high-profile political figures are involved.
While the investor community awaits clarifications from Trump and his team, it remains crucial to maintain a cautious and informed approach in navigating the ever-changing landscape of cryptocurrencies.
The next few weeks will be decisive in determining the future of DJT and other cryptocurrencies linked to political figures, and whether they can truly carve out a stable place in the global financial market.