The crypto market has been stirred by the emergence of a new coin named “Trump Coin” (ticker: DJT) on the Solana blockchain, bearing the initials of the former US president. Launched with a reported market cap of $73 million according to SolScan, the coin’s legitimacy and provenance remain mired in mystery as the crypto community seeks clarity.
True or false? Trump Memecoin sparks frenzy
Although DJT shares the initials of Donald Trump’s media company (NASDAQ: DJT), there is no official confirmation linking the former US president to the coin. The affirmation originating from The Pirate Wires’ tweet.
Mike Solana, editor-in-chief of The Pirate Wires and chief marketing officer of venture capital firm Founders Fund, explained that he “has not spoken directly with Trump” and was “simply reporting what I know via sources “. Additionally, the original post on
Tom Shaughnessy of Delphi Ventures underlines multiple red flags, such as lack of a locked liquidity pool and unusual funding patterns. He strongly suggested: “So the new DJT Coin – LP is not locked, financed by Kucoin, not a standard contract, pirate threads from a single source, concentration of main owners at 67% – Build it wall to prevent the sale – Trump doesn’t want to be. the first to take credit or tweet about it, etc. ? No shots. I’m leaning towards the scam,” suggesting a lack of confidence in his setup.
Blockchain analytics companies like Bubblemaps have raised additional alarms. A disproportionate amount of the token supply (67%) is concentrated in a single cluster, with the largest holder being Raydium Concentrated Liquidity, controlling 43% of the supply. Such concentration of ownership generally suggests a potential for market manipulation or the absence of a decentralized consensus mechanism, thereby undermining blockchain’s philosophy of transparency and trust.
David Bailey, CEO of Bitcoin Magazine and Bitcoin Advisor to Trump REMARK via This is how you get the entire industry to look back and signal to the president and his team that we are a liability, not an asset.
The introduction of DJT had a notable ripple effect on other Trump-related memecoins. THE ASSET token (MAGA), associated with Trump’s “Make America Great Again” campaign, saw a 55% price drop at one point. Other smaller memecoins, such as TROG– a coin depicting a frog in a MAGA hat – has also seen declines, although less drastic.
Speculation around DJT arises as Donald Trump has openly attempted to align himself with the cryptocurrency movement. Over the past two weeks, the former US president has declared himself the “crypto president” And affirmed that he wants “all remaining Bitcoins” to be mined in the United States. As the US presidential election approaches, the potential influence of cryptocurrencies is receiving increased attention. Reports also suggest that President Biden is preparing to participate in a roundtable focused on Bitcoin next month.
At press time, MAGA was trading at $7.42.
Featured image from Reuters, chart from TradingView.com
