The team of the former US president has not confirmed the news

Meme tokens with Trump references fell by 30% amid rumors of an official politician’s coin issue

18.06.2024 - 10:25

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3 min

What’s new? Meme tokens using former US President Donald Trump as a mascot, such as MAGA (TRUMP), has collapsed by more than 30% amid rumors that the politician’s team launched an official TrumpCoin token with the ticker DJT on the Solana blockchain. This was reported by Pirate Wires, citing sources, adding that the initiator of the creation of the asset allegedly became the son of the politician Barron Trump.

Source: X.com

What else is known? At the same time, Donald Trump’s team has not officially confirmed the launch of the token, and experts of the analytics blockchain platform Bubblemaps believe that DJT is in no way connected with the politician. They specified that 43% of the total supply of the asset was on the decentralized exchange (DEX) Raydium in the Solana network.

Source: X.com

As a result, amid the rumors, the TRUMP token fell in price by 31% and its capitalization decreased by more than $150 million. The Donald Tremp (TREMP) meme token, also hosted on Solana, lost 36% of its value to $0,6, but then partially recovered. The MAGA Hat (MAGA) asset also lost 9,3%.

Notably, the rate of the meme token referring to the current president Jeo Boden (BODEN) also fell by 22%.

In general, the capitalization of political tokens (PolitiFi) fell by 28,2% over the day and reached $1,1 billion.

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Overall, the capitalization of the political meme token sector grew by 5,9% overnight

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In turn, the market capitalization of DJT rose to $120 million, although its connection to Trump remains unconfirmed.

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