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The cryptocurrency industry was a crucial topic on the campaign trail for the US presidential election in November. This year, presidential candidates have embraced cryptocurrencies to gain industry support. As a result, the community has capitalized on the momentum with Memecoins.
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PolitiFi tokens, a new category of meme coins inspired by political figures, had a remarkable performance in the second quarter. Trump-inspired tokens became the talk of the town after the Republican candidate began endorsing cryptocurrencies. However, these meme coins suffered a massive 30% decline in the past 24 hours.
Official DJT code?
On Monday, the Pirate Wires According to the report, the symbol is supposed to be piloted by Trump’s son, 18-year-old Barron Trump. “In each conversation, Trump releases an official token – $DJT on Solana, led by Barron,” the post read.
Mike Solana, Director of Marketing at Founders Fund and Editor-in-Chief at Pirates Wires, subscriber The smart contract address appears to be linked to the token. Additionally, he stated that he was “only reporting” what he knew “through sources” and that he “did not speak to Trump directly.”
Likewise, Martin Shkreli claimed that DJT token is real on X Space. He later maintained his position, highlighting the “confirmation” from a friend of Barron Trump. In a post, the 17-year-old said: “$DJT is the only true Trump icon.”
However, the cryptocurrency community still exists Skeptical About the authenticity of memecoin. Many users have highlighted several red flags surrounding the “official” symbol, including DJT’s X account.
One user pointed out that X’s official account had a “weird” follow list. This list includes controversial personality Andrew Tate, American broadcaster Aden Ross, and Shkreli.
Moreover, cryptocurrency analytics company Bubblemaps open 67% of the token supply was in one pool. Concentrated liquidity of Rhydium is the largest holding, representing 43% of supply.
Many community members expressed their concerns with humor. Some users have suggested that serial scammer Sahil Arora is responsible for several Celebrity meme coins Carpet, and coordinated the token launch. Others wondered whether inconsistencies in the launch made it “more or less likely” that it was a Trump family business venture.
At the time of writing, no official sources have confirmed Trump’s involvement in the DJT token.
Trump MemCoins are going down
More than a month ago, former US President Announce He was “good” with cryptocurrencies and wanted to make it a “strong” industry with clear regulations. At the time, the value of Trump-inspired memes rose more than 63% following his remarks. Additionally, the PolitiFi sector is up, with tokens like BODEN up nearly 30%.
However, the story is different this time as rumors about an official Trump token negatively affected the performance of the meme coins. PolitFi tokens recorded a 30% decline in the last 24 hours, with a market cap of $1.03 billion.
Trump-related symbols took the biggest hit in this sector. Many of them have fallen between 20% and 30% in the last day. MAGA (TRUMP), the largest token linked to the former US president, saw its price drop by almost 50% in four hours.
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After “Trump coin” rumors, Trump Projection From the price range of $10.8 to $5.6 before rebounding below the $7 level. As of this writing, the token is trading at $6.94, a 38.7% correction over the past 24 hours.
Likewise, Trump Mania (TMANIA), Super Trump (STRUMP), and Doland Trump (TREMP) suffered price declines of 35.2%, 20%, and 37.6%.
Featured image from Unsplash.com, chart from TradingView.com
