The two-week frenzy surrounding celebrity coins has come to an end. However, to the surprise of the community, perhaps the biggest persona in the world of crypto memes, “Trump,” has now entered the arena of “issuing coins personally.”
At six o’clock this morning Beijing time, the well-known American media outlet Pirate Wires posted a tweet on the X platform stating, “Rumors have it that Trump is launching an official token on Solana – $DJT.”
Over the past two months, Trump-related meme tokens have seen astonishing gains. These tokens were all initiated by the community, and Trump himself has not publicly responded to these tokens, with his “crypto-friendly” behavior only evident in various campaign speeches. The tweet announcing the launch of the official Trump token immediately caught the community’s attention.
Will DJT Challenge the Leading Position of “PoliFi”?
Under various speculations, DJT’s upward momentum faltered. Once again, the surge began with a tweet from Bo Loudon, a close associate of Trump, who posted a tweet at 11:47 am with a profile picture of himself with Trump, stating, “$DJT IS THE ONLY REAL TRUMP TOKEN.” According to Blockbeats, Bo Loudon has close ties with the Trump family and prominent figures in the Trump circle and is a staunch supporter of Trump. Following the tweet, DJT surged from $0.02 to around $0.045, nearly doubling in value. At its peak, DJT’s market value exceeded $380 million, surpassing another Trump-related meme coin, $TRUMP, which had a market value of $325.6 million, with a trading volume of $128,000.
DJT to a certain extent attracted liquidity from other Trump-themed meme coins, causing the price of $TRUMP to plummet by nearly 50%.
Twitter user BILI noticed a significant drop in the price of the $TRUMP token in early trading today, with a decline of over 30%, triggering a sell-off among investors. Several whales chose to cash out, resulting in a massive sell-off of tokens worth millions of dollars. Meanwhile, the $MAGA token also suffered a drop of nearly 20%.
Will the landscape of “PoliFi” be impacted? The community now speculates that meme tokens named after Trump’s relatives may also see a rise in value, becoming the next hot trend in the world of crypto.
As of the time of writing, the price of DJT is $0.029, down by 30% from its peak. Notable figures in the crypto community, such as Jito founder buffalu and Framework founder Vance Spencer, are followers of the official Twitter account of TrumpCoin ($DJT) on Solana, with the official Telegram channel having over 2,700 members.
Looking back on this morning, the reason DJT garnered attention was due to the coin issuance rumor coming from institutional media like Pirate Wires. With several American celebrities issuing coins recently, the idea of Trump engaging in crypto during the campaign period has become something many in the community can imagine. However, the truth of the matter remains unknown, and BlockBeats reminds investors to protect their capital while joining in the meme frenzy.