Authors: Weizhi, Sky, BlockBeats
The two-week frenzy over celebrity coins has died down. However, surprisingly, perhaps the biggest figure in crypto memes, "Trump," has also had his moment of "personally issuing coins."
At 6 a.m. Beijing time today, the well-known American media Pirate Wires posted a tweet on the X platform, claiming that "rumor has it that Trump is launching an official token on Solana—$ DJT."
In the past two months, meme tokens related to Trump have seen surprisingly high gains. These tokens were all initiated by the community, and Trump himself has not publicly responded to these tokens, with his "pro-crypto" behavior only appearing in various campaign speeches. The tweet about "Trump launching an official token" immediately attracted great attention from the community.
Media coverage, KOL certification, a $300 million scam?
DJT is the stock code for Trump's social media platform "Truth Social." Since its listing in March, the stock itself has been popular, with DJT's stock price reaching as high as $79.38. The stock is currently trading at around $35. Not only the crypto community, but FOX Business also quickly followed up with a lengthy report.
In its report, FOX Business stated that it could not confirm whether the Solana-based meme coin $ DJT is directly or indirectly related to Trump, but industry insiders said that individuals associated with Trump have been planning to launch a digital currency for at least two months.
Regardless, the appearance of $ DJT provided a focal point for attention in today's lackluster market. After Pirate Wires' tweet, $ DJT surged over 250% in an hour and a half.
However, the community quickly began to question the authenticity of DJT from various angles.
There was much discussion in the community about $ DJT, with many believing that $ DJT could not possibly be an official token released by Trump's team. Firstly, $ DJT's LP pool was not locked, meaning the team could sell the tokens at any time.
In addition, the community discovered that $ DJT's deployment address obtained initial funding from Kucoin. According to the platform's policy, U.S. users cannot use Kucoin. If $ DJT was indeed released by Trump's team, it could only be outsourced to a non-U.S. coin issuance team, similar to the main characters in the previous celebrity coin frenzy. However, as a political figure participating in the election, outsourcing coin issuance would have an impact on Trump's reputation.
Looking at the trading chips, the visual chain tracking tool Bubblemaps found that 67% of $ DJT's supply is concentrated in one cluster. Tommy, the founder of Delphi Ventures, also believes that DJT is a scam.
However, some people have found special significance in $ DJT from "various signals." For example, on Trump's team's official social media platform Truth Social, Trump himself posted a piece of content and ended the tweet with the letters "DJT," which he had not done before.
The only source of information for this event, Pirate Wires, did not release any more information afterwards. Its editor, who is also the CMO of Founders Fund, Mike Solana (he himself stated that Solana is his surname), reposted the original post and put up the token contract address. At the same time, the official $ DJT Twitter account that emerged at the same time also had close interaction with him.
Martin Shkreli, a community user who pointed out issues with io.net's GPU data and received a reply from the CEO, also retweeted DJT-related information, adding another layer of credibility to DJT.
Can $ DJT challenge the leader of "PoliFi"?
Amidst various speculations, $ DJT's rise has weakened. Once again, the momentum was ignited when Bo Loudon, who is believed to be close to Trump, tweeted.
At 11:47 a.m., Bo Loudon, whose profile picture is a photo with Trump, tweeted, " $ DJT IS THE ONLY REAL TRUMP TOKEN." According to Blockbeats, Bo Loudon has close ties to the Trump family and the Trump family's prominent figures, and is a staunch supporter of Trump. His Twitter background is a photo with the Trump family.
In addition, Bo Loudon's personal website has multiple photos with Trump and some with members of the Trump family. Therefore, the community speculates that Bo Loudon's statement in some sense represents the official stance. In the half hour after Bo Loudon's tweet, $ DJT surged from $0.02 to around $0.045, doubling in value. At its peak, $ DJT's market value exceeded $380 million, surpassing another Trump-related meme coin, $ TRUMP, at $325.6 million, with a trading volume of $128,000.
$ DJT to some extent attracted liquidity from other Trump-themed meme coins, causing the price of $ TRUMP to rapidly drop by nearly 50%.
Twitter user BILI noticed that the $ TRUMP token experienced a significant decline in early trading, with a drop of over 30%, triggering a sell-off among investors. Several major holders chose to take profits, resulting in a large sell-off of tokens worth millions of dollars. At the same time, the $ MAGA token also suffered a nearly 20% decline.
Will the "PoliFi" landscape be impacted? The community speculates that for meme wealth codes related to Trump, meme tokens named after Trump's relatives may also follow suit and become the next wealth code.
At the time of writing, the price of $ DJT is $0.029, down 30% from its high. The official Twitter account of $ DJT, TrumpCoin ($ DJT) on Solana, has attracted important figures in the crypto community, such as Jito founder buffalu and Framework founder Vance Spencer, with the official Telegram channel having over 2,700 members.
Looking back on this morning, the reason $ DJT attracted attention was because the coin issuance rumor came from institutional media like Pirate Wires. After several American celebrities issued coins, the idea of Trump issuing coins during the campaign and interacting closely with crypto topics has become something that many in the community can imagine. However, the truth of the matter is still unknown. BlockBeats reminds investors to protect their capital while joining the meme frenzy.
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