Solana Memecoin DJT Token Drops 31% Amid Speculation Over Trump's Involvement

June 18, 2024 at 11:26 AM GST updated: June 18, 2024 at 11:30 AM 2 mins read Crypto Memes

Trump is rumored to launch DJT token, causing MAGA coin to drop 31%.
TRUMP’s market cap drops by $150M following rumors.
MAGA recognized as the most popular political meme coin in circulation

TRUMP Token, also known as MAGA (TRUMP) plummeted by 31% amid rumors that former President Donald Trump had launched a new token on the Solana blockchain, dubbed the DJT token. Despite these speculations, there remains considerable doubt regarding Trump’s direct involvement with the DJT token.

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If the DJT Solana memecoin is fake, whoever propagated that needs to be tarred and feathered and chased out of our industry for good. This is how you make the whole industry look back and signal to the President and his team we're a liability not an asset.
— David Bailey🇵🇷 $0.65mm/btc is the floor (@DavidFBailey) June 17, 2024

The new token has already amassed a market capitalization of $130 million. MAGA’s price fell sharply to $7.46 within a mere four-hour window following the spread of these rumors.

This sudden decline resulted in more than $150 million being wiped from the Make America Great Again-themed TRUMP market cap. The token, which operates under the ticker TRUMP, had been trading at just over $9 with a market cap exceeding $400 million prior to this incident.

Most Popular Political Meme Coin in Circulation

The MAGA coin has been recognized as the most popular political meme coin in circulation. However, its recent price drop has raised questions about the potential impact of political figures entering the cryptocurrency space and launching tokens.

Former President Trump is rumored to be stepping directly into the cryptocurrency market with this new token as he ramps up his campaign for the upcoming November presidential election. The introduction of “Trump Coin” could represent a novel strategy for his presidential race, potentially leveraging the burgeoning crypto market to gain support and visibility.

The news of Trump’s criminal trial saw a 35% drop in TRUMP cryptocurrency tokens, while a memecoin for President Joe Biden experienced a 20% surge. As the presidential race heats up, it remains to be seen how cryptocurrencies will play a role in shaping political campaigns and influencing voter sentiment.