Donald Trump often dances briefly at his rallies
There are many Donald Trump-themed memecoins in the market, but a Solana token broke the crypto community on X amid a rumor that the Republican presidential candidate was launching an official token. AFP

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.

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.

DJT price early June 18 2024 DJT price early June 18 2024
$DJT's price and trading activity has soared in the last 24 hours. Gecko Terminal

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."

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."

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.

PolitiFi memecoins prices early June 18 2024 PolitiFi memecoins prices early June 18 2024
PolitiFi memecoins declined amid rumors of an official Trump memecoin. 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.