DJT, a brand new meme coin on Solana (SOL), is seeing a surge in buying and selling exercise and a large price spike following a rumor that the token is an official crypto token from former US President Donald Trump.

If the rumor is true, it will mark the primary time a US presidential candidate has launched their very own cryptocurrency. Nonetheless, on the time of writing, there isn’t a official assertion from Trump’s aspect concerning the information.

DJT Witnesses Over 1,000% Surge within the Final 24 Hours

The rumors began with a tweet from The Pirate Wires’ X (Twitter) account on Monday. The platform reported that Trump is launching DJT as his official token, spearheaded by his son—Barron Trump.

Mike Solana, Editor-in-Chief of Pirate Wires, shared the token’s contract handle within the thread. But, he later clarified that he had not spoken with Trump instantly and was merely reporting data from his sources.

Learn extra: Easy methods to Purchase Solana Meme Cash: A Step-By-Step Information

These tweets sparked a frenzy across the DJT, which has the identical identify as Trump’s firm, Trump Media and Know-how Group, inventory ticker. In response to DEX Screener information, DJT momentarily reached a market capitalization of over $5 million at 22:30 on June 17.

Nonetheless, on the time of writing, its market capitalization has decreased to $794,990. DJT is now buying and selling at $0.0007990, representing a rise of 1,451% for the final 24 hours.

This information has sparked debates inside the crypto neighborhood. Tommy Shaughnessy, co-founder of Delphi Digital, suggested warning. He prompt that the Pirate Wires account might need been hacked and that DJT could possibly be a rip-off.

Moreover, Shaughnessy famous a number of crimson flags from the DJT token. These embody the dearth of a locked liquidity pool, funding from KuCoin, and a excessive focus of tokens held by high house owners.

“Trump doesn’t want to be the first to take credit or tweet about it? No shot. I lean scam,” Shaughnessy wrote.

Blockchain information supplier Bubblemaps shared their on-chain analysis. Its research exhibits that 67% of the DJT provide is in a single cluster.

Moreover, Bubblemaps famous that Raydium Concentrated Liquidity holds 43% of the availability. In the meantime, one cluster holds the opposite 46%, with important transfers to 140 wallets.

Learn extra: 11 High Solana Meme Cash to Watch in June 2024

Regardless of skepticism, some crypto neighborhood members imagine DJT could be an official token from Trump. They argue that the token’s distribution aligns with Trump’s potential technique of instantly hoarding the availability and promoting small quantities. Nonetheless, they acknowledge that the token provide of 10 billion is uncommon for Trump, who may desire a smaller, extra precious provide.

Different Trump-inspired meme cash, together with MAGA and TREMP, are at the moment available on the market. These meme cash have skilled meteoric rises, notably after Trump delivered speeches that confirmed his help for the crypto trade.

Whereas the reality behind this rumor remains to be unsure, the DJT token stays a scorching subject among the many crypto neighborhood. Whether or not it can crash like different movie star meme cash or maintain its worth will depend on the veracity of the Trump rumors and the neighborhood’s response.