Jeo Boden

MAGA

Joe Biden

MAGA (TRUMP) and other Donald Trump-related memecoins fell more than 30% amid rumors that Donald Trump’s team launched a “official” token on Solana.
“Per conversations, Trump is launching an official token” named TrumpCoin under the ticker DJT, Pirate Wires <a href="https://x.com/PirateWires/status/1802825492405669930" target="_blank" rel="noopener nofollow">claimed</a> in a June 17 X post to its 63,800 followers.
Pirate Wires claimed Trump’s 18-year-old son, Barron, was “spearheading” the token. 
However, Donald Trump’s team hasn’t confirmed the token launch, and blockchain data firms such as Bubblemaps <a href="https://x.com/bubblemaps/status/1802837625381777812" target="_blank" rel="noopener nofollow">seem</a> confident that DJT isn’t actually linked to the presidential candidate.
It noted that around 67% of the supply is in one cluster and that 43% of the total supply is on Solana-based automated market maker Raydium.
Despite the widespread doubts,&nbsp;<a href="https://cointelegraph.com/news/donald-trump-memecoin-recovers-after-guilty-conviction">TRUMP fell 31%</a> to $7.46 within a short four-hour window following the rumors, CoinGecko data <a href="https://www.coingecko.com/en/coins/maga" target="_blank" rel="noopener nofollow">shows.</a>
More than $150 million has been wiped from the <a href="https://cointelegraph.com/news/maga-memecoin-trader-2-7m-profit-trump-crypto-comments">Make America Great Again-themed</a> TRUMP market cap since the news.
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 <img src="https://s3.cointelegraph.com/uploads/2024-06/116394f4-6d05-47a3-963b-6942d2d188e8.png" alt="" title="">
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 TRUMP’s change in price over the last 24 hours. Source: CoinGecko
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Smaller-valued Trump memecoins were hit even harder.
The Solana-based Donald Tremp (TREMP) memecoin fell 36.8% from $0.95 to $0.60 in a similar timeframe before rebounding to $0.76.
Related: <a href="https://cointelegraph.com/news/donald-trump-crypto-portfolio-peaks-above-10-million">Donald Trump’s crypto portfolio briefly peaks above $10M</a>
Interestingly, the Jeo Boden (BODEN) token linked to Trump’s main presidential rival Joe Biden fell over 22%, too.
Meanwhile, DJT surged to a $120 million market cap on June 18 despite being relatively unknown. 
<a href="https://birdeye.so/token/HRw8mqK8N3ASKFKJGMJpy4FodwR3GKvCFKPDQNqUNuEP?chain=solana" target="_blank" rel="noopener nofollow">Data</a> from Birdseye, however, shows the first lot of DJT tokens were minted on April 22.
While the industry awaits confirmation from Trump, several industry leaders expressed frustration at the possible perpetrators behind the token launch, which comes at a time when presidential candidates like Trump, Biden and Robert F. Kennedy Jr. have started taking the industry more seriously as the upcoming presidential election nears.
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 <img src="https://s3.cointelegraph.com/uploads/2024-06/ccb6805a-1da5-42a2-87b3-ea52404d9891.png" alt="" title="">
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 Source: <a href="https://x.com/DavidFBailey/status/1802848613179249142" target="_blank" rel="noopener nofollow">David Bailey</a>
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Magazine:<a href="https://cointelegraph.com/magazine/bots-airdrops-push-ronin-to-no-2-blockchain-for-daily-users-not-pixels-fans/"> Bots, airdrops push Ronin to No.2 blockchain for daily users — Not Pixels fans</a>

Trump token dumps 31% despite doubts he’s behind the DJT token

Cointelegraph

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