Under speculation that Donald Trump’s team started an “official” token on Solana, MAGA (Trump) and other Donald Trump-related memecoins dropped more than 30%. “Per conversations, Trump is launching an official token called TrumpCoin under the ticker DJT,” stated Pirate Wires in a June 17 X post to its 63,800 following. Additionally claimed by Pirate Wires was Barron, Trump’s 18-year-old son, “spearheading” the token.

DJT Token Rumors Start Market Chaos

Despite all the excitement, Donald Trump’s campaign has not verified the token release. Blockchain companies like Bubblemaps appear to have no real connection to the presidential contender. According to Bubblemaps, 43% of the whole supply comes from Solana-based automated market producer Raydium, while roughly 67% of the supply is in one cluster.

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The stories generated notable market action. Based on CoinGecko data, Trump dropped 31% to $7.46 inside a four-hour window following the rumors. Since the news, the Make America Great Again-themed Trump market cap has seen more than $150 million wiped out.

Effect on Current Trump-Themed Memcoins

Less valuable Trump memecoins suffered even more. From $0.95 to $0.60, the Solana-based Donald Tremp (TREMP) memecoin dropped 36.8%. Then it rebounded to $0.76 in a comparable period. Fascinatingly, the Jeo Boden (BODEN) token connected to Joe Biden, the major presidential competitor of Trump, dropped almost 22% too.

On June 18, DJT shot to a $120 million market capitalization, yet until recently it was hardly known. Data from Birdseye, however, indicates that April 22 was the first DJT token production date.

Industry Doubt and Awaiting Verification

Several business leaders have voiced annoyance at the suspected reasons behind the token release, even while Trump’s confirmation is awaited. With the approaching presidential contest, candidates including Trump, Biden, and Robert F. Kennedy Jr. began paying the sector greater attention.

Particularly with regard to memecoins connected to well-known people, the uncertainties and rumors about the DJT token draw attention to the volatility and speculative character of the bitcoin market. Investors and industry observers wait for government comments; meanwhile, the market responds to the changing news and attitude.

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