An unsubstantiated report that former President Donald Trump is launching an official cryptocurrency has sent that token sky-high while other political-based memecoins have taken a dive.
The X account for publication Pirate Wires wrote Monday night in a post on X that "per conversations," Trump was launching an "official token" with the ticker DJT and that the project was spearheaded by "Barron," presumably referring to the president's youngest son.
The Block has reached out to the Trump campaign and the Trump Organization for comment but did not hear back as of publication time.
Almost immediately, many users thought the X account was hacked, particularly after its editor-in-chief, Mike Solana (no connection to the blockchain platform), replied to the post with the contract address. Also, the Solana-based DJT token already launched on May 21.
“getting a lot of inbound here,” Soloana wrote in a post on his personal X account. “no, didn't speak with trump directly, assumed this was clear (text me though, mr. president). also assume he could rug pull, or pivot, say it's not true. just reporting what I know via sources.”
DJT has surged 385% over the past 24 hours to $0.02516 at publication time, according to GeckoTerminal. The coin has generated more than $363 million in trading volume.
Solana, who is also the chief marketing officer of venture capital firm Founders Fund, seemed a bit taken aback for his reporting. “never touching crypto news again all of you people are insane,” he said on X later Monday night.
Meanwhile, the broader Political Finance (PolitiFi) memecoin market cap has decreased by 33% in the past 24 hours, according to CoinGecko. MAGA (TRUMP), the second-largest largest PolitiFi coin by market cap ($301 million), is down 38% in that time. These coins have no official affiliation with Trump.
Trump, the presumptive Republican candidate for the November presidential election, has changed his tune on Bitcoin and cryptocurrency over the past several weeks. He recently hosted several bitcoin mining executives at his Mar-a-Lago estate in Florida and has stated that he wants all remaining bitcoin to be made in the United States.
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