The two-week celebrity coin craze has finally died down. However, to the surprise of the community, perhaps the biggest character IP in the crypto meme world, “Trump,” has also had his moment of “personally creating a coin.”
At six o’clock this morning Beijing time, the well-known American media outlet Pirate Wires posted a tweet on the X platform, stating, “Rumors have it that Trump is launching an official token on Solana – $DJT.”
Over the past two months, Trump-related meme coins have seen astonishing gains. These coins were all initiated by the community spontaneously, and Trump himself has not publicly responded to these tokens. Trump’s “pro-crypto” behavior has only been seen in various campaign speeches. The tweet about the “Trump launching an official token” immediately caught the attention of the community.
Media coverage, KOL verification, is it a scam worth $3 billion?
DJT is the stock code for Trump’s social media platform “Truth Social.” Since its listing in March, the stock itself has been popular, with DJT’s price reaching as high as $79.38. The stock is currently trading at around $35. Not just in the crypto world, FOX Business also quickly followed up with a lengthy report.
In its report, FOX Business stated that it could not confirm whether the Solana-based meme coin $DJT is directly or indirectly related to Trump. However, industry insiders have said that individuals associated with Trump have been planning to launch a digital currency for at least two months.
Regardless, the appearance of $DJT has provided a focal point for attention in today’s lackluster market. After the Pirate Wires tweet, $DJT soared by over 250% in an hour and a half.
However, the community soon began to question the authenticity of DJT from various angles.
There was much discussion in the community about $DJT, with many believing that it could not be an official token released by Trump’s team. Firstly, $DJT’s LP pool was not locked, meaning the team could sell tokens at any time.
Moreover, the community discovered that $DJT’s deployment address received initial funding from Kucoin. According to platform policies, U.S. users cannot use Kucoin. If $DJT was indeed released by Trump’s team, it could only be outsourced to a non-U.S. team to issue the coin, similar to the key figures in the previous celebrity coin craze. However, as a political figure participating in elections, outsourcing coin issuance could affect Trump’s reputation.
Looking at the trading chips, visual on-chain tracking tool Bubblemaps found that 67% of $DJT’s supply is concentrated in a cluster. Delphi Ventures founder Tommy also believes that DJT is a scam.
The only source of information on this event, Pirate Wires, did not release any more information afterward. Its editor, who is also the CMO of Founders Fund, Mike Solana (who claims Solana is his last name), retweeted the original post and shared the token contract address. At the same time, the official $DJT Twitter account interacted closely with him.
Some have found special significance in $DJT from various signals. For example, on Trump’s official social media platform Truth Social, Trump himself posted content ending with the letters “DJT” in a tweet, something he had not done before. Community user Martin Shkreli, who pointed out issues with io.net’s GPU data and received a reply from the CEO, also shared DJT-related information, adding another layer of credibility to DJT.
Can $DJT challenge the leading “PoliFi”?
Amid speculations, $DJT’s rise has lost momentum. It was reignited by a tweet from Bo Loudon, a close associate of Trump, who posted a tweet with a photo of Trump, stating, “$DJT IS THE ONLY REAL TRUMP TOKEN.” According to Blockbeats, Bo Loudon has close ties with the Trump family and prominent Trump supporters. His Twitter background features a photo with the Trump family.
Additionally, Bo Loudon’s personal website includes multiple photos with Trump and some with members of the Trump family. This led the community to speculate that Bo Loudon’s statement in some way represents the official stance. In the half-hour after Bo Loudon’s tweet, $DJT rose from $0.02 to around $0.045, nearly doubling in value. At its peak, $DJT’s market value exceeded $380 million, surpassing another Trump-related meme coin, $TRUMP, at $325.6 million, with a trading volume of $128,000.
$DJT to some extent attracted liquidity from other Trump-themed meme coins, causing the price of $TRUMP to drop rapidly by nearly 50%.
Twitter user BILI noticed a significant drop in $TRUMP token prices in early trading, with a decrease of over 30%, leading to an investor sell-off. Several major holders chose to cash out, resulting in a massive sell-off of tokens worth millions of dollars. At the same time, $MAGA tokens also suffered a nearly 20% drop.
Will the “PoliFi” landscape be impacted? The community speculates that meme tokens named after Trump’s relatives may also rise, becoming the next “wealth code” in the Trump-themed meme world.
At the time of writing, $DJT’s price was $0.029, a 30% drop from its peak. The official Twitter account of TrumpCoin ($DJT) on Solana has garnered attention from key figures in the crypto community, such as Jito founder buffalu and Framework founder Vance Spencer, with the official Telegram channel having over 2,700 members.
Looking back on this morning, the reason $DJT attracted attention was due to the coin launch rumor coming from institutional media like Pirate Wires. With several American celebrities launching coins before, the idea of Trump releasing a coin during the campaign period was something many in the community could imagine. However, the truth of the matter is still unknown. BlockBeats advises investors to protect their capital while joining the meme frenzy.
