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.
Read CRYPTONEWSLAND onThe 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.
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.
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