Author: Weizhi, Sky, BlockBeats
The two-week-long craze for celebrity coins has died down. But to the community’s surprise, perhaps the biggest IP in the crypto meme, “Trump,” has also had his own coin issued.
At 6:00 a.m. Beijing time today, the well-known American media Pirate Wires published a tweet on the X platform, which read "According to rumors, Trump is launching an official token on Solana - $ DJT."
In the past two months, Trump-related meme tokens have experienced surprising growth. These tokens were spontaneously initiated by the community, and Trump himself has not responded to these tokens in public. Trump's "pro-crypto" performance is only in various campaign speeches. As soon as this "Trump launches official token" tweet came out, it attracted great attention from the community.
Media involvement, KOL certification, a scam with a market value of $300 million?
DJT is the stock code for Trump's social media platform "Truth Social". Since its listing in March, the stock itself has been a hot stock, with DJT's share price as high as $79.38. The stock is currently trading at around $35. Not only the crypto circle, FOX Business also followed up with a long report.
In the report, FOX Business stated that it could not confirm whether the Solana chain Meme coin $DJT was directly or indirectly related to Trump, but industry sources said that people associated with Trump have been planning to launch a digital currency for at least two months.
In any case, the emergence of $ DJT provides a place for attention to liquidity in today's bleak market. After Pirate Wires tweeted, $ DJT rose by more than 250% in an hour and a half.
But soon, the community began to question DJT's authenticity from all directions.
There is a lot of discussion in the community about $DJT, and many people think that $DJT cannot be a token released by the Trump official team. First of all, the LP pool of $DJT is not locked, which means that the team may sell the token at any time.
In addition, the community discovered that the deployment address of $DJT received initial funding from Kucoin. According to the platform policy, US users cannot use Kucoin. If $DJT was indeed issued by the Trump team, it can only be that they outsourced it to a non-US coin issuance team, just like the protagonist in the previous celebrity coin craze, but as a politician participating in the election, outsourcing the team to issue coins will have an impact on Trump's reputation.
Judging from the transaction chips, the visual on-chain tracking tool Bubblemaps found that 67% of the supply of $ DJT is concentrated in one cluster. Tommy, founder of Delphi Ventures, also believes that DJT is a scam.
But some people have found the special meaning of $ DJT from "various signals". For example, on Truth Social, the official social media platform of the Trump team, Trump himself posted a content and ended the tweet with the letters "DJT", but he had never done so before.
Pirate Wires, the only source of information for this incident, did not release any further information afterwards. Its editor-in-chief, Mike Solana (he said Solana is his last name), who is also the CMO of Founders Fund, retweeted the original post and posted the token contract address. The official Twitter account of $ DJT, which was born at the same time, also interacted closely with it.
Martin Shkreli, a community user who pointed out that there were problems with io.net's GPU data display and received a reply from the CEO, also forwarded DJT's related information, which added another layer to DJT's credibility.
Can $ DJT impact the leader of "PoliFi"?
Amid speculation from all sides, $ DJT has been weak in rising. The momentum was ignited again when Bo Loudon, who is suspected to be close to Trump, tweeted.
At 11:47 a.m., Bo Loudon, whose profile picture was a photo of Trump, posted a message saying "$ DJT IS THE ONLY REAL TRUMP TOKEN". According to Blockbeats, Bo Loudon has close ties with the Trump family and Trump dignitaries, and is a die-hard fan of Trump. His Twitter background image is a photo of him with the Trump family.
In addition, Bo Loudon's personal website has many photos with Trump, as well as some with members of the Trump family. Because of this, the community speculates that Bo Loudon's call represents the official attitude in a sense. In the half hour after Bo Loudon sent out the tweet, $ DJT rose all the way from $0.02 to around $0.045, which can be said to have "doubled in response." At its peak, the market value of $ DJT exceeded $380M, surpassing another Trump-related meme coin $ TRUMP's $325.6M, and the trading volume reached $128,000.
$ DJT attracted the liquidity of other Trump concept meme coins to a certain extent, and the price of $ TRUMP quickly dropped by nearly 50%.
Twitter user BILI discovered that the $TRUMP token fell sharply in the early trading today, with a drop of more than 30% at one point, triggering a wave of selling by investors. Many big investors chose to take profits, and millions of dollars of tokens were sold in large quantities. At the same time, the $MAGA token was not spared, with a drop of nearly 20%.
Will the "PoliFi" pattern be impacted? The community turned to speculate that for the meme wealth codes related to Trump, meme tokens named after Trump's relatives may also rise and become the next wealth code.
As of writing, the price of $ DJT is $0.029, down 30% from its high. The followers of $ DJT's official Twitter account TrumpCoin ($ DJT ) on Solana include important figures in the crypto community such as Jito founder buffalu and Framework founder Vance Spencer, and its official telegram channel has more than 2,700 members.
Looking back at this morning, the reason why $DJT attracted attention was because the rumor of the coin issuance came from institutional media such as Pirate Wires. After several American celebrities issued coins, Trump, who had close interactions with crypto topics during the campaign, also became something that many communities would imagine. But the truth is still unknown. BlockBeats reminds investors that while joining the meme carnival, they should also pay attention to protecting their principal.
