Trump token dumps 31% despite doubts he’s behind the DJT token

MAGA (TRUMP) and other Donald Trump-related memecoins fell more than 30% amid rumors that Donald Trump’s team launched a “official” token on Solana.

“Per conversations, Trump is launching an official token” named TrumpCoin under the ticker DJT, Pirate Wires claimed in a June 17 X post to its 63,800 followers.

Pirate Wires claimed Trump’s 18-year-old son, Barron, was “spearheading” the token.

But Donald Trump’s team hasn’t confirmed the token launch and blockchain data firms such as Bubblemaps seem confident that DJT isn’t actually linked to the presidential candidate.

It noted around 67% of the supply is in one cluster and that 43% of the total supply is on Solana-based automated market maker Raydium.

Despite the widespread doubts, TRUMP fell 31% to $7.46 within a short four-hour window following the rumors, CoinGecko data shows.

More than $150 million has been wiped from the Make America Great Again-themed TRUMP market cap since the news.

TRUMP’s change in price over the last 24 hours. Source: CoinGecko

Smaller-valued Trump memecoins were hit even harder.

The Solana-based Donald Tremp (TREMP) memecoin fell 36.8% from $0.95 to $0.60 in a similar timeframe before rebounding to $0.76.

Interestingly, the Jeo Boden (BODEN) token linked to Trump’s main presidential rival Joe Biden fell over 22% too.

Meanwhile, DJT surged to a $120 million market cap on June 18 despite it being relatively unknown until now.

Data from Birdseye however shows the first lot of DJT tokens were minted on April 22.

While the industry awaits confirmation from Trump, several industry leaders expressed frustration at the possible perpetrators behind the token launch — as it comes at a time where presidential candidates like Trump, Biden and Robert F. Kennedy Jr have started taking the industry more seriously as the upcoming election nears.