DJT Tokens Will Launch In Solana, Trump's Meme Coin Price Drops Immediately

The DJT token will be launched in Solana (Photo; Doc. Coinult)

The widely circulated rumors about the launch of the DJT token allegedly linked to former President Donald Trump have created a wave of panic and speculation among investors and industry observers. This token, which is rumored to be rolling out on the Solana blockchain, has sparked a sharp decline in the meme coin inspired by the controversial figure.

A report from Pirate Wires on June 17 stated that former President Donald Trump is allegedly planning a launch of a token called TrumpCoin, with the DJT symbol, which is said to have been spearheaded by his 18-year-old son, Barron Trump.

The impact of these rumors was very fast, with the TRUMP (MAGA) token dropping more than 50% to 5.65 US Dollars (approximately Rp92,377) in just four hours, removing more than 150 million US Dollars (approximately Rp2.4 trillion) from its market cap. Other Trump-themed meme coins also suffered significant losses.

Solana-based Donald Tremp (TREMP) meme coins fell 50%, from 1.05 US dollars to 0.53 US Dollars before climbing back to 0.71 US Dollars. Similarly, Jeo Boden (BODEN) tokens decreased by more than 32%.

DJT tokens jumped to a market cap of 120 million US Dollars (approximately IDR 1.9 trillion) on June 18 although previously relatively unknown. Data from Birdseye shows that the DJT token was first printed on April 22.

Trump's team has not confirmed these rumors, which lead to speculation and widespread uncertainty within the crypto community. Quoted from CryptoPotato, Mike Solana, CMO from venture capital firm Founders Fund and editor-in-chief of Pirate Wires, posted smart contract addresses in a tweet reply for publication for visibility. When this article was written, the token associated with the contract had a market capitalization of 177 million US Dollars (approximately Rp. 2.8 trillion).

However, Solana later clarified that she did not speak directly to Trump and acknowledged the possibility that Trump could have denied her involvement with the token. "Just reporting what I know through sources," said Solana.