- DJT Coin surged 230,000% amid rumors of its connection to Donald Trump.
- Other Trump-related tokens and the Biden memecoin saw significant declines..
Amid the broader market decline, the Solana (SOL) memecoin market cap also fell to $6.34 billion, down 20.1% in the last 24 hours, according to CoinGecko.
Despite this slowdown, Solana’s newly launched memecoin called DJT is seeing a surge in trading activity.
This increase is due to rumors that the token is the official cryptocurrency associated with former US President Donald Trump.
Rumor or fact?
Tech media company Pirate Wires was the first to start this rumor, saying:
Source: Pirate Wires/X
At first, the tweet was labeled as a ‘community note’ indicating that it was ‘fake news’, but this note later disappeared.
Mike Solana (no relation to the Solana blockchain network), editor-in-chief of Pirate Wires and CMO of venture capital firm Founders Fund, said he did not speak directly with Trump and was merely relaying information from sources.
In particular, this news was not well received by many executives. David Bailey, CEO of BTC Media, expressed his opposition and said:
Source: David Bailey/X
Impact on DJT Coin
But not all impacts were negative. According to DEXScreener, DJT Coin has experienced a massive surge of 230,000% in the last 24 hours.
However, while DJT has seen significant gains, other Trump-related tokens have faced declines.
As of this writing, Doland Tremp (TREMP) is down 30.8% and MAGA (TRUMP) is down 28.26%, as reported by CoinGecko.
Moreover, the decline was not limited to Trump-related memecoins.
Various memecoins associated with current President Joe Biden also fell significantly. For example, BODEN is down 23.69% at the time of writing.
Trump’s move to support cryptocurrency
Regardless of whether the news is false or true, Trump has already shown his support for cryptocurrencies several times.
Last May, his campaign launched a Coinbase-based fundraising page for cryptocurrency donations to support his presidential bid.
He also called for the United States to lead the cryptocurrency industry, telling Truth Social that he wants all remaining Bitcoin (BTC) to be mined in the United States.
So, as the election approaches, it will be interesting to see whether his actions reflect genuine support for cryptocurrencies or are simply a political ploy to garner votes.