Trump-Inspired Memecoins Crash 30% After Rumors Of Trump’s Official Token Launch

Rubmar Garcia

1 year ago

3 mins read

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The crypto industry has been a crucial topic in the electoral campaign for the November US presidential elections. This year, presidential candidates have embraced cryptocurrencies to obtain the industry’s support. As a result, the community has capitalized on the momentum with Memecoins.

PolitiFi tokens, a new memecoin category inspired by political figures, have performed remarkably this Q2. Trump-inspired tokens have been the talk of the town after the Republican candidate started endorsing cryptocurrencies. However, these memecoins have suffered a massive 30% drop in the last 24 hours.

An Official DJT Token?

On Monday, Pirate Wires’ X account announced the launch of an alleged official ‘Trump Coin.’ According to the report, the token is supposedly led by Trump’s 18-year-old son, Barron Trump. “Per conversations, Trump is Launching an official token – $DJT on Solana, Barron spearheading,” read the post.

Mike Solana, CMO at Founders Fund and editor-in-chief at Pirates Wires, shared a smart contract address seemingly linked to the token. Additionally, he stated he was “just reporting” on what he knew “via sources” and that he “didn’t speak with Trump directly.”

Similarly, Martin Shkreli claimed the DJT token is real on an X Space. He later maintained his position, highlighting the “confirmation” from a friend of Barron Trump. In a post, the 17-year-old stated, “$DJT IS THE ONLY REAL TRUMP TOKEN.”

However, the crypto community remains skeptical about the authenticity of the memecoin. Several users highlighted various red flags surrounding the “official” token, including the DJT’s X Account.

A user pointed out that the official X account has a “strange” following list. This list includes the controversial figure Andrew Tate, American streamer Adin Ross, and Shkreli.

Moreover, crypto analytics firm Bubblemaps revealed that 67% of the token’s supply was in one cluster. Raydium Concentrated Liquidity is the largest holding, accounting for 43% of the supply.

Many community members expressed their concerns with humor. Some users suggested that serial scammer Sahil Arora, responsible for several celebrity memecoins rugs, orchestrated the token launch. Others wondered if the inconsistencies of the launch made it “more or less likely” that it was a business venture from the Trump family.

At the time of writing, no official sources have confirmed Trump’s involvement with the DJT token.

Trump Memecoins Plummet

Over a month ago, the former US president declared he was “fine” with cryptocurrencies and wanted to make it a “solid” industry with clear regulations. At the time, Trump-inspired memecoins soared over 63% following his declarations. Additionally, the PolitiFi sector surged, with tokens like BODEN increasing by nearly 30%.

Nonetheless, the story is different this time as the rumors of an official Trump token negatively impacted the performance of the memecoins. The PolitFi tokens report a 30% decline in the last 24 hours, with a market capitalization of $1.03 billion.

Trump-related tokens took the biggest hit in the sector. Many dropped between 20% and 30% on the last day. MAGA (TRUMP), the largest token related to the former US president, saw its price decline by nearly 50% in four hours.

Following the “Trump coin” rumors, TRUMP dropped from the $10.8 to the $5.6 price range before recovering below the $7 mark. As of this writing, the token is trading at $6.94, a 38.7% retrace in the past 24 hours.

Similarly, Trump Mania (TMANIA), Super Trump (STRUMP), and Doland Tremp (TREMP) have suffered a 35.2%, 20%, 37.6% price decline.

Memecoins, TRUMP, TRUMPUSDT — TRUMP’s performance in the three-day chart. Source: TRUMPUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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