By
Chimamanda U. Martha
June 26th, 2024
Industry experts are trying to figure out the origins of a Solana-based meme coin DJT and the moniker “Trump coin”. DJT is the stock symbol of Truth Social, Donald Trump’s own social media platform.
As per the latest report in the crypto space, Donald Trump and his team are mulling the launch of a Trump Coin working out the official plans to enter the $2.5 trillion crypto industry. The former US president has been very vocal about his support for the crypto industry if elected to the President’s chair in the 2024 elections.
The launch of the Trump Coin could be an effort to ramp up the campaign for the upcoming Presidential elections. Interestingly, industry experts are trying to figure out the origins of a Solana-based meme coin DJT and the moniker “Trump coin”.
As it is known, DJT is the stock symbol of Truth Social, Donald Trump’s own social media platform. The DJT stock itself has gained popularity as a meme coin after going public earlier this year in March 2024. The DJT share price was once trading as high as $79.38, while it’s currently trading closer to $35.
With the recent launch, Trump Coin will compete with other Solana-based meme coins like Dogwifhat, Jeo Boden, and Mother Iggy. As per blockchain explorer SolScan, the token started trading on Solana on Monday evening and currently sits at a market cap of $73 million.
Although there’s no official confirmation of the Trump coin having any affiliation with Donald Trump, industry sources told Fox Business that the former president has been planning to launch a digital coin since the past two months. Vivek Ramaswamy, former GOP presidential candidate and adviser to President Trump said:
“I’m glad President Trump and his campaign are leaning into crypto, including accepting it – he’s ahead of the curve. Embracing crypto will help Trump continue to bring libertarians and your not-typical Republicans into the fold – it’s a winning issue.”
Trump Meme Coins Tank 31%
As soon as the news of the official Trump Coin broke out, other Trump-related meme coins like MAGA (TRUMP) fell as much as 30%. More than $150 million has been wiped from the market cap of the Make America Great Again-themed TRUMP token since the news broke.
Smaller Trump-themed meme coins experienced even sharper declines. The Solana-based Donald Tremp (TREMP) meme coin plummeted 36.8%, dropping from $0.95 to $0.60 before rebounding to $0.76.
Interestingly, the Jeo Boden (BODEN) token, linked to Trump’s main presidential rival Joe Biden, also fell over 22%. Meanwhile, DJT, a relatively unknown token, surged to a $120 million market cap on June 18.