Donald Trump-related memecoins, including MAGA (TRUMP), experienced a drop of over 30% following rumors of an "official" token launch on Solana.
The alleged token, named TrumpCoin and tickered DJT, was reportedly announced on June 17 by Pirate Wires. Pirate Wires claimed that Barron Trump, the 18-year-old son of Donald Trump, was leading the token's launch.
Despite these assertions, no confirmation has come from Trump's team, and blockchain data firms like Bubblemaps have cast doubt on the legitimacy of the DJT token's connection to the former president.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is Polkadot in Crypto? (DOT Animated Explainer)
Bubblemaps highlighted that about 67% of DJT's supply is concentrated in one cluster, with 43% of the total supply on the Solana-based automated market maker Raydium.
Amid the rumors, the value of the TRUMP token decreased, dropping 30.17% to $7.33 in the past day. Smaller Trump-related memecoins also took a hit, with the Solana-based Donald Tremp (TREMP) falling 34.32% to $0.61.
The Jeo Boden (BODEN) token, associated with Trump's presidential rival Joe Biden, also saw a decrease of more than 25%.
Meanwhile, despite the doubts surrounding its legitimacy, DJT saw a surge, reaching a market cap of over $255 million at the time of writing.
With such speculations, it remains crucial for investors to remain cautious and verify information.
In other news, Trump has recently expressed his support for Bitcoin mining after hosting a meeting with leaders from the industry.
