The value of MAGA (TRUMP) and other meme coins associated with Donald Trump has fallen further
The value of MAGA (TRUMP) and other Donald Trump-related meme coins fell more than 30% amid rumors that Donald Trump’s team launched an “official” token on Solana.
“In every conversation, Trump releases an official token” called TrumpCoin under the ticker DJT, Pirate Wires said in a June 17 X message to its 63,800 subscribers.
Pirate Wires claimed that Trump’s 18-year-old son Barron was “driving” the token.
But Donald Trump’s team has not confirmed the token’s launch, and blockchain data companies like Bubblemaps seem convinced that DJT is not actually linked to the presidential candidate.
She noted that about 67% of the supply is in a single pool and 43% of the total supply is in Solana-based automated market company Raydium.
Despite widespread skepticism, Trump stock fell 31% to $7.46 in the four hours following the rumors, according to CoinGecko data.
More than $150 million has been wiped from the market capitalization of the Make America Great Again project since the news broke.
The smaller denomination Trump coins were hit harder.
Donald Trump’s Solana-based memecoin (TREMP) fell 36.8% from $0.95 to $0.60 in a similar time frame before rebounding to $0.76.
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Interestingly, the Jeo Boden (BODEN) token associated with Trump’s main presidential rival, Joe Biden, is also down more than 22%.
Meanwhile, DJT reached a market cap of $120 million on June 18, despite being relatively unknown until now.
However, data from Birdseye shows that the first batch of DJT tokens was issued on April 22.
As the industry awaits Trump’s confirmation, several industry executives have expressed frustration with the potential culprits behind the token launch – as presidential candidates like Trump, Biden and Robert F. Kennedy Jr. have started taking the industry seriously with the next election approaching.
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