Recent speculation about an official Donald Trump token launch has caused significant market turbulence for Trump-themed memecoins. According to a June 17 post by Pirate Wires on social media platform X, Trump's team was supposedly unveiling an "official" token dubbed TrumpCoin with the ticker DJT. Pirate Wires suggested that the initiative was being “spearheaded” by Trump's 18-year-old son, Barron.

However, no official confirmation has emerged from Donald Trump's team, leading blockchain data analytics firms like Bubblemaps to question the token's legitimacy. Bubblemaps highlighted a concerning concentration of DJT’s supply, revealing that approximately 67% of the tokens are held in a single cluster, and around 43% of the total supply resides on the Solana-based automated market maker Raydium.

Despite the dubious claims, the market reaction was swift and impactful. TRUMP, a Make America Great Again-themed memecoin, plummeted by 31% to $7.46 within just four hours following the rumor, according to CoinGecko data. This sharp decline wiped out more than $150 million from TRUMP's market cap.

The impact extended beyond TRUMP, severely affecting smaller, less valuable Trump-linked memecoins as well. Donald Tremp (TREMP), another memecoin based on the Solana blockchain, saw a dramatic 36.8% drop from $0.95 to $0.60 before rebounding slightly to $0.76 within the same timeframe.

Market Repercussions: Over $150 Million Market Cap Wipeout

TRUMP, a Make America Great Again-themed memecoin, plummeted by 31% to $7.46 within just four hours following the rumor, according to CoinGecko data. This sharp decline wiped out more than $150 million from TRUMP's market cap.

CoinGecko

Interestingly, the Jeo Boden (BODEN) token, connected to Trump's main presidential rival Joe Biden, also took a hit, declining by over 22%. This widespread impact underscores the volatility and interconnected nature of the cryptocurrency market amid political rumors.

Despite remaining relatively unknown, DJT experienced a surprising surge, reaching a $120 million market cap by June 18. Data from Birdseye indicates that the first batch of DJT tokens was minted on April 22, adding another layer of intrigue to the ongoing situation.

Unauthenticated Surge: DJT’s Remarkable Market Performance

Despite remaining relatively unknown, DJT experienced a surprising surge, reaching a $120 million market cap by June 18.

Birdseye

Industry leaders are increasingly frustrated by the unverified claims circulating around the token launch. As the presidential election season heats up, candidates such as Trump, Biden, and Robert F. Kennedy Jr. are beginning to show more significant interest in the cryptocurrency industry. However, the market remains in a state of uncertainty until Trump’s team provides an official statement regarding the DJT token.

The cryptocurrency market is no stranger to volatility, but the recent unconfirmed rumors about an official Trump token have caused particular upheaval. As we await official statements, the full impact on Trump-related memecoins and the broader market remains to be seen. For readers wanting in-depth news on cryptocurrency trends and market reactions, stay connected with us and enrich your understanding of the fast-evolving crypto space.