Donald Trump-related memecoins, together with MAGA (TRUMP), skilled a major drop, falling over 51% attributable to rumors about an “official” Trump token launch on Solana.
In response to a June 17 publish by Pirate Wires, Trump is allegedly launching a token named TrumpCoin with the ticker DJT, spearheaded by his 18-year-old son, Barron.
Nonetheless, Trump’s group has not confirmed this token launch. Blockchain knowledge corporations like Bubblemaps doubt the token’s legitimacy, noting that 67% of DJT’s provide is held in a single cluster, with 43% on Solana-based market maker Raydium.
Following the rumors, TRUMP dropped 51% to $5.70 inside 4 hours, based on CoinMarketCap. This decline worn out over $150 million from the TRUMP market cap. Smaller Trump memecoins additionally took a success.
The Solana-based Donald Tremp (TREMP) memecoin fell 44.57% from $1.05 to $0.57 earlier than rebounding to $0.76. Curiously, the Jeo Boden (BODEN) token, linked to Joe Biden’s (BIDEN) memecoin, fell over 32% as effectively.
In the meantime, DJT surged to a $120 million market cap on June 18, regardless of being comparatively unknown till now. Information from Birdseye exhibits that the primary DJT tokens have been minted on April 22.
Because the trade awaits affirmation from Trump, a number of leaders have expressed frustration on the doable perpetrators behind the token launch.
This example arises as presidential candidates like Trump, Biden, and Robert F. Kennedy Jr. are more and more specializing in the cryptocurrency trade because the upcoming election approaches.
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