As a researcher with experience in the crypto market, I find this situation intriguing and concerning at the same time. The rumors of an official Trump-related token launch on Solana caused a significant drop in the value of existing memecoins associated with the former president, including MAGA (TRUMP), which fell over 51% within hours. This decline wiped out over $150 million from the TRUMP market cap and also affected smaller Trump memecoins.
Memcoins linked to Donald Trump, such as MAGA (TRUMP), suffered a substantial decline of over 51%, largely due to unconfirmed reports circulating about an upcoming “authentic” Trump coin launch on the Solana platform.
Based on a blog post dated June 17 by Pirate Wires, it’s claimed that Donald Trump is planning to introduce a cryptocurrency called TrumpCoin, represented by the ticker symbol DJT. This endeavor is reportedly being spearheaded by his son Barron, who is 18 years old.
Trump’s team has yet to verify the upcoming launch of this token. Skepticism surrounds its authenticity as reported by blockchain data companies like Bubblemaps. They point out that over two-thirds (67%) of DJT’s total supply is held in a single cluster, with nearly half (43%) on the Solana marketplace Raydium.
Based on unconfirmed reports, TRUMP‘s value plummeted by 51% to $5.70 in just four hours, as indicated by CoinMarketCap. This sudden drop resulted in the loss of approximately $150 million from TRUMP’s total market value. Even smaller TRUMP memecoins experienced a decline.
The memcoin TREMP, built on the Solana platform, experienced a significant decrease of approximately 45%, dropping from $1.05 to $0.57. Surprisingly, the token BODEN, associated with Joe Biden’s memecoin, also saw a decline of more than 32%.
As a crypto investor, I’ve noticed an intriguing development with DJT. Despite being largely under the radar until recently, its market cap reached an impressive $120 million by June 18. Looking at historical data from Birdseye, I see that the genesis of DJT tokens occurred on April 22.
Several industry leaders have voiced their irritation as they wait for Trump’s confirmation regarding the responsible parties behind the recent token launch.
As a analyst, I’ve noticed an intriguing development in the political landscape as we approach the upcoming election. Presidential hopefuls such as Trump, Biden, and Robert F. Kennedy Jr. have been paying closer attention to the cryptocurrency industry. It seems that they recognize the growing significance of this sector and are eager to address its implications.
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2024-06-18 08:21