The meme coin DJT issued on the Solana blockchain surged over 3,000% on Monday due to an unconfirmed report.
Specializing in reporting on technology and politics, Pirate Wires pointed out on Monday that US presidential candidate Donald Trump is the mastermind behind the DJT token. If this report is true, it would be the first cryptocurrency created by a presidential candidate from a major party in history.
Pirate Wires posted on X (formerly Twitter) that Trump is launching an official token – DJT, based on Solana. And Trump’s son Barron is “leading” the project. However, Pirate Wires editor Mike Solana stated that he did not have direct contact with Trump, but reported based on information from sources.
Trump’s campaign team has not responded to this matter, and as of now, Trump himself has not mentioned any token-related news on the platform.
Members of the cryptocurrency community generally have doubts about this report. Blockchain data company Bubblemaps believes that the DJT token is unlikely to be related to Trump himself. The company pointed out that about 67% of the supply is located in a cluster, with a total of 43% of the supply on Solana’s automated market maker Raydium.
The recent downturn in the market has also led to a pullback in the previously booming political finance (PoliFi) meme coins, including PEOPLE, MAGA, BODEN, and other currencies experiencing large-scale declines in the past week.
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