TrumpCoin Soars 442% After Rumors Donald Trump Is Behind DJT Token, Triggering PolitiFi Crypto Crash

Updated: 18 June 2024

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TrumpCoin (DJT) surged more than 442% in the past 24 hours after a report claimed that Donald Trump is behind the token, triggering a crash among political meme coins that wiped more than 29% off their value.

“Trump is launching an official token” named TrumpCoin under the ticker DJT, Pirate Wires claimed in a Jun. 17 post on X. Trump’s son Barron is “spearheading” the project, the media outlet added.

Doubts Over Trump’s Involvement In TrumpCoin (DJT)

Pirate Wires editor-in-chief and Founders Fund CMO Mike Solana shared the smart contract address for the token in a reply to the media outlet’s post.

He went on to clarify that he has not spoken with Trump directly, and shared his assumption that the former president “could rug pull, or pivot, say it’s not true.”

getting a lot of inbound here. no, didn't speak with trump directly, assumed this was clear (text me though, mr. president). also assume he could rug pull, or pivot, say it's not true. just reporting what I know via sources. https://t.co/rGEukksUMs

— Mike Solana (@micsolana) June 17, 2024

Trump’s team has not confirmed whether the former president is involved in the DJT token’s launch. Despite the Pirate Wires report, several members of the crypto community doubt he has anything to do with the token.

Messari founder and vocal Trump Supporter, Ryan Selkis, said in a Jun. 18 post on X that there is a “50-50” chance that the DJT token could be a legitimate project or another act of deceit. Polymarket only gives a 17% chance that the former president is behind the DJT token.

I’m not 100% sure whether the Trump memecoin is real or an op, but I’m 50-50.

I offered to help the people that reached out with legal and biz intros but told them I wouldn’t take anything in return because I got the vibes that the guy who approached me is a Fed.

Stay safe!!!

— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) June 17, 2024

Investors Abandon Older Trump-Linked Tokens

Tokens based on Trump, including MAGA Again (MAGAA), Trump Mania (TMANIA), Doland Tremp (TREMP), trumpie (TRUMPIE), and MAGA (Trump), registered some of the steepest losses among PolitiFi coins in the past 24 hours of trading.

MAGAA bled the most after it plunged over 57%, while TMANIA and TRUMPIE saw their prices drop more than 51% and 38%, respectively. Meanwhile, both TREMP and TRUMP experienced losses exceeding 30%.