$DJT is booming, did Trump issue a coin?

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Sky
24-06-18 15:19
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The two-week-long popularity of celebrity coins has died down. But to the community's surprise, perhaps the biggest character IP in the crypto meme, "Trump", has also had his "coin issued personally".


At 6 a.m. Beijing time today, the well-known American media Pirate Wires published a tweet on the X platform, saying "According to rumors, Trump is launching an official token on Solana - $DJT".



In the past two months, Trump's related meme tokens have all seen surprising gains. These tokens were spontaneously initiated by the community, and Trump himself has not responded to these tokens in public. Trump's "pro-crypto" performance is only in various campaign speeches. As soon as this "Trump launches an official token" tweet came out, it attracted great attention from the community.


Media out, KOL certification, a scam with a market value of $300 million?


DJT is the stock code of Trump's social media platform "Truth Social". Since its listing in March, the stock itself has been a hot stock, with DJT's share price as high as $79.38. The stock is currently trading at around $35. Not only in the crypto circle, FOX Business also followed up with a long report.


In the report, FOX Business said that it could not confirm whether the Solana chain Meme coin $DJT was directly or indirectly related to Trump, but industry sources said that people associated with Trump have been planning to launch a digital currency for at least two months.


In any case, the emergence of $DJT provides a place for attention to liquidity in today's bleak market. After Pirate Wires tweeted, $DJT rose by more than 250% in an hour and a half.


But soon, the community began to question the authenticity of DJT from all directions.


There is a lot of discussion in the community about $DJT, and many people believe that $DJT cannot be a token released by Trump's official team. First of all, the LP pool of $DJT is not locked, which means that the team may sell the token at any time.


In addition, the community found that the deployment address of $DJT received initial funds from Kucoin. According to the platform policy, US users cannot use Kucoin. If $DJT is indeed released by the Trump team, it can only be that they outsourced it to a non-US nationality coin issuance team, just like the protagonist in the previous celebrity coin craze, but as a politician participating in the election, outsourcing the team to issue coins will affect Trump's reputation.



From the perspective of trading chips, the visual on-chain tracking tool Bubblemaps found that 67% of the supply of $DJT is concentrated in one cluster. Tommy, founder of Delphi Ventures, also believes that DJT is a scam.


The only source of this incident, Pirate Wires, did not release more information afterwards. Its editor-in-chief, Mike Solana, who is also the CMO of Founders Fund (he said Solana is his last name), forwarded the original post and put the token contract address, and the official Twitter of $DJT, which was born at the same time, also interacted closely with it.



Some people also found the special meaning of $DJT from "various signals". For example, on Truth Social, the official social media platform of the Trump team, Trump himself posted a content and ended the tweet with the letters "DJT", which he had not done before. Martin Shkreli, a community user who pointed out that there was a problem with io.net's GPU data and received a reply from the CEO, also forwarded the DJT-related message, which added another layer to DJT's credibility.



Can $DJT impact the leader of "PoliFi"?



Under speculation from all sides, $DJT has been weak in rising. The momentum was ignited again when Bo Loudon, who is suspected to be close to Trump, tweeted.


At 11:47 a.m., Bo Loudon, whose avatar was a photo of Trump, posted a message saying "$DJT IS THE ONLY REAL TRUMP TOKEN (This is Trump's only official meme token)". According to Blockbeats, Bo Loudon has close contacts with the Trump family and Trump dignitaries, and is a die-hard fan of Trump. His Twitter background picture is a photo with the Trump family.


In addition, Bo Loudon's personal website has many photos with Trump, as well as some photos with Trump family members. Because of this, the community speculates that Bo Loudon's call represents the official attitude in a sense. In the half hour after Bo Loudon sent out the tweet, $DJT rose all the way from $0.02 to around $0.045, which can be said to have "doubled in response." At its peak, the market value of $DJT exceeded $380M, surpassing another Trump-related meme coin $TRUMP's $325.6M, and the trading volume reached $128,000.



$DJT has attracted the liquidity of other Trump concept meme coins to a certain extent, and the price of $TRUMP has dropped rapidly by nearly 50%.



Twitter user BILI found that the $TRUMP token fell sharply in the morning trading today, with a drop of more than 30% at one point, triggering a wave of selling by investors. Many big investors chose to take profits, and millions of dollars of tokens were sold in large quantities. At the same time, the $MAGA token was not spared, with a drop of nearly 20%.


Will the "PoliFi" pattern be impacted? The community turned to speculate that for the meme wealth code related to Trump, the meme token named after Trump's relatives may also follow the rise and become the next wealth code.

As of writing, the price of $DJT is $0.029, down 30% from its high. The followers of $DJT's official Twitter account TrumpCoin ($DJT) on Solana include important figures in the crypto community such as Jito founder buffalu and Framework founder Vance Spencer, and its official telegram channel has more than 2,700 members.


Looking back on this morning, the reason why $DJT attracted attention was that the rumor of the coin issuance came from institutional media such as Pirate Wires. After several American celebrities issued coins before, Trump, who had close interactions with crypto topics during the campaign, also became something that many communities would imagine. But the truth of the matter is still unknown. BlockBeats reminds investors that while joining the meme carnival, they should also pay attention to protecting their principal.



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