Unfounded reports that former President Donald Trump was launching an official cryptocurrency sent the token soaring sky high, while other politically-based memecoins plummeted.
The X account for publishing Pirate Wires wrote in a post onPerhaps referring to the president’s youngest son.
The Block reached out to the Trump campaign and the Trump Organization for comment but did not hear back as of publication time.
Almost immediately, many users thought their X account had been hacked. Especially after Mike Solana, the editor-in-chief of the X account (not connected to the blockchain platform), responded to the post with the contract address. Additionally, the Solana-based DJT token was already launched on May 21st.
“I’m getting a lot of inbound here,” Soloana wrote on her personal X account. “No, I did not speak directly to Trump. I assumed this was clear (but text me, Mr. President). Also assume he can do rug pulls or pivots and tell him that’s not true. “I’m just reporting what I know through sources.”
According to GeckoTerminal, DJT has surged 385% in the last 24 hours to $0.02516 at the time of publishing. The coin generated over $363 million in trading volume.
Solana, who is also the chief marketing officer at venture capital firm Founders Fund, seemed a little taken aback by the report. “Never mess with cryptocurrency news again, you’re all out of your mind,” he told X late Monday night.
Meanwhile, according to CoinGecko, the Political Finance (PolitiFi) memecoin market capitalization has decreased by 33% in the last 24 hours. MAGA (TRUMP), the second largest PolitiFi coin by market capitalization ($301 million), fell 38% during the period. This coin has no official connection to Trump.
Trump, the presumptive Republican nominee for November’s presidential election, has changed his stance on Bitcoin and cryptocurrencies over the past few weeks. that Recently hosted Several Bitcoin mining executives from the Mar-a-Lago estate in Florida have stated that they want all of the remaining Bitcoin. to be made in America.
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