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 $TRUMP, a memecoin associated with Former U.S. President Donald Trump, dropped by over 30% following rumours of an “official” Trump token launch on Solana.
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Online media publication Pirate Wires<a style="color: #0000ff;" href="https://twitter.com/PirateWires/status/1802825492405669930?t=ENd-XP_V7aOHanDtmil_kA&amp;s=19" rel="noopener noreferrer nofollow"> claimed</a> in a social media post that Trump is launching a token called TrumpCoin with the ticker DJT, allegedly spearheaded by his 18-year-old son, Barron. However, Trump’s team has not confirmed this.
Blockchain analytics firm Bubblemaps has, however,<a style="color: #0000ff;" href="https://twitter.com/bubblemaps/status/1802837625381777812?t=u6-gojRA79JQofvqa1421g&amp;s=19" rel="noopener noreferrer nofollow"> raised doubts</a> about DJT’s legitimacy, noting that 67% of its supply is concentrated in one cluster, and 43% is held by Solana-based automated market maker Raydium. Furthermore, data from Birdseye<a style="color: #0000ff;" href="https://birdeye.so/token/HRw8mqK8N3ASKFKJGMJpy4FodwR3GKvCFKPDQNqUNuEP?chain=solana" rel="noopener noreferrer nofollow"> indicates</a> the first DJT tokens were minted on April 22.
Despite these doubts, TRUMP fell 31% to $7.46 within four hours of the rumours, according to data from<a style="color: #0000ff;" href="https://www.coingecko.com/en/coins/maga" rel="noopener noreferrer nofollow"> CoinGecko</a>.&nbsp;
As the crypto industry waits for Trump’s confirmation, some stakeholders’ leaders have expressed frustration at the timing of this token launch. David Baliey, the CEO of Bitcoin Magazine, in<a style="color: #0000ff;" href="https://twitter.com/DavidFBailey/status/1802848613179249142?t=qP8RfgXAD-1SW5KXF56Z1g&amp;s=19" rel="noopener noreferrer nofollow"> a recent X post</a>, wrote
<blockquote>
 “If the DJT Solana memecoin is fake, whoever propagated that needs to be tarred and feathered and chased out of our industry for good. This is how you make the whole industry look back and signal to the President and his team we’re a liability not an asset.”
</blockquote>
Interestingly, blockchain intelligence firm Arkham<a style="color: #0000ff;" href="https://twitter.com/ArkhamIntel/status/1795085557715861918?t=B9qzOwC2nFxl0pJhEDKCOQ&amp;s=19" rel="noopener noreferrer nofollow"> reported</a> that Trump’s crypto asset portfolio had briefly surpassed $10 million, driven by a surge in the value of TRUMP, which hit an all-time high of $13.24 on May 27. This spike<a style="color: #0000ff;" href="https://defi-planet.com/2024/05/maga-rallies-post-trumps-pro-crypto-remarks/" rel="noopener noreferrer nofollow"> followed his positive remarks</a> about the cryptocurrency industry on May 25.
<blockquote>
 “I am very positive and open-minded to cryptocurrency companies, and all things related to this new and burgeoning industry,”
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<a style="color: #0000ff;" href="https://truthsocial.com/@realDonaldTrump/posts/112503319133425856" rel="noopener noreferrer nofollow">he wrote in a post on his social media platform, Truth Social</a>. Following these remarks, the Former U.S. President also <a style="color: #0000ff;" href="https://defi-planet.com/2024/06/trump-rallies-crypto-industry-support-pushes-for-us-leadership-in-bitcoin-mining/" rel="noopener noreferrer nofollow">expressed his intention to accept cryptocurrency donations</a> for his 2024 campaign.
READ MORE: <a style="color: #0000ff;" href="https://defi-planet.com/2024/06/trump-rallies-crypto-industry-support-pushes-for-us-leadership-in-bitcoin-mining/" rel="noopener noreferrer nofollow">Trump Rallies Crypto Industry Support, Pushes for US Leadership in Bitcoin Mining</a>
According to Arkham, Trump holds 579,290 TRUMP tokens valued at approximately $6.79 million.&nbsp;
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The post <a href="https://defi-planet.com/2024/06/trump-linked-memecoin-trump-drops-31-following-rumors-of-new-trump-token-on-solana/" rel="noopener noreferrer nofollow">Trump-Linked Memecoin $TRUMP Drops 31% Following Rumors of New Trump Token on Solana</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Trump-Linked Memecoin $TRUMP Drops 31% Following Rumors of New Trump Token on Solana

DeFi Planet

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