Benzinga – The crypto world is no stranger to unexpected characters and wild speculation. Of late, a Trump-themed Solana (SOL) meme coin called TrumpCoin with the ticker “DJT” (standing for “Donald John Trump” and Truth Social’s stock symbol) has generated buzz with its exponential rise. Internet rumors raise the question: Is Barron Trump Behind this new Trump-themed meme coin?
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DJT, launched in March on the so-called “meme coin casino blockchain” Solana, flew under the radar until recently. On the evening of June 17, 2024, DJT’s hourly trading volume went from under $400 to nearly $3 million. During this time, its price increased by nearly 9,000% ($0.000058 to $0.00512). This spike was followed by a sharp sell-off, and the coin currently sits around a $200 million market cap, priced at $0.019.
But why did it take so long for DJT to explode, and what catalysts woke up this dormant token? DJT initially blended in with the rapid influx of other Trump-themed tokens. The speculative nature and overall volatility of meme coins made it unappealing to potential investors. Everything changed when Pirate Wires, a maverick media outlet, posted on X (formerly Twitter), “Per conversations, Trump is launching an official token —$DJT on Solana. Barron spearheading.” This publication skyrocketed DJT’s price and sparked inquiries about Trump’s son, Barron, masterminding the token.
Mike Solana, Pirate Wires’ editor-in-chief, responded to the post with the token’s contract address. According to him, he posted the address “for visibility.” His tweet received significant backlash — some responses from the crypto community included, “Mike get your account back together” and “This can’t be real.”
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Mike acknowledged the negative responses, saying, “getting a lot inbound here … just reporting what I know via sources,” and went as far as to request Trump to concur, “No, didn’t speak with Trump directly, assumed this was clear (text me though, Mr. President).” At the time of writing, Trump and his team have not responded.
Ryan Selkis, founder and CEO of Messari (a leading crypto market and data provider), made an X post following the DJT stir claiming he is “50-50” on the token’s legitimacy and warned the crypto community to “stay safe!!!”
It did not take long for the crypto community to catch on. Golden Degen, a well-respected meme coin influencer on X, made fun of Pirate Wires’ tweet, replying with an image showcasing the wildly unequal distribution of wallet holdings. The number one wallet held nearly 50% of the total supply, another holding 20%.
While the idea of Barron Trump leading DJT is alluring, it remains speculative at best. It appears the token’s rally was largely attributed to leveraging Trump’s name with baseless claims. Unfortunately for those who let their FOMO (fear of missing out) buy at the top, history predicts DJT will follow the familiar “pump and dump” cycle like many other celebrity tokens lacking fundamentals. Nonetheless, this well-orchestrated marketing scheme provided early investors with a chance to turn a profit, while others became exit liquidity.
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