KEY POINTS
- $DJT skyrocketed by over 477% in the last 24 hours as rumors swirled around the memecoin
- Mike Solana clarified that he didn't hear the news directly from the former president
- Other political memecoins slumped following the rumors
Trump-themed Solana memecoin DJT saw significant activity in the last 24 hours after a report by The Pirate Wires said the former President Donald Trump is launching "an official token" called DJT on the Solana blockchain.
The memecoin in question is already a month old and has not been officially acknowledged by Trump's campaign. Following The Pirate Wars' post on X (formerly Twitter) regarding the said token launch, the memecoin saw massive activity and its price surged by over 477% in the last 24 hours as per data from GeckoTerminal.
Per conversations, Trump is launching an official token — $DJT on Solana. Barron spearheading.
— Pirate Wires (@PirateWires) June 17, 2024
While there has been much selling activity around the token in recent hours, more traders have been buying the coin. As of Tuesday morning, DJT is trading at around $0.03015, but its price has been largely volatile.
Amid multiple call-outs on social media over the unconfirmed report, The Pirate Wires' Editor-in-Chief Mike Solana clarified that he "didn't speak with Trump directly" and was only "reporting what I know via sources." He further reiterated that he "assumed this was clear" so people should assume "he 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
Several crypto users on X warned of the claim's impact on the market. "This has the potential to get really weird," one user said, noting that if the business magnate wins the November 2024 presidential elections, the token could drop and surge "based on his popularity" and decision-making.
David Bailey, the CEO of popular crypto outlet Bitcoin Magazine, said that if the DJT memecoin report is "fake," whoever "propagated" the token "needs to be tarred and feathered and chased out of our industry for good."
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
One Bitcoiner argued that the ex-president wouldn't "risk the backlash from launching a memecoin" and is therefore 1 million percent not endorsed by Trump.
As the rumor mill churned on throughout Monday night, other politics-themed memecoins saw significant price drops, including MAGA (TRUMP), which has been down by 32.9% in the last 24 hours, and Donald Tremp (TREMP), which declined by 31.8% as per data from CoinGecko.
Non-PolitiFi memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE) and dogwifhat were also down in the last 24 hours.
Meanwhile, Trump continues to include the crypto industry in his speeches in recent weeks, with the latest being a more specific declaration. He said at a Palm Beach, Florida event marking his 78th birthday that if he wins for a second term, he will make sure crypto's future is made in the U.S., and "a lot" of the activity will be within Florida.
