Donald Trump’s Themed Memecoin Drops By 51%, Market Reacts
Donald Trump’s induced memecoins, in a major cryptocurrency market move, had a sharp drop following unconfirmed news that another Trump token has been launched on the Solana network. MAGA (TRUMP) token dropped significantly by more than 51%, catching the attention of both traders and investors.
Trump memecoins have attracted much interest and funding from the cryptocurrency community. Like other memecoins, these coins mostly rely on the excitement generated by social media and the Trump personality cult.
Investors have started withdrewing their money from existing memecoins in anticipation of the DJT (Trump Media & Technology Group Corporation) token’s likely more official and valuable introduction to the Trump-themed crypto space. The Market reacted quickly, with memecoin holders selling off their holdings in large quantities, fearful of the possible devaluation of their investments.
Investors Expresses Dissatisfaction, Industry Expert’s Comments
The DJT token may be introduced with support from influential members of Trump’s inner circle, giving it greater credibility and value than the current, unofficial Trump memecoins. More conjecture has been fueled by a number of social media influencers and Trump fans who have alluded to a significant announcement from the president about the cryptocurrency industry.
The Bitcoin community has responded to the drop in different ways. Some investors are voicing dissatisfaction and mistrust regarding the rumors, especially those who have lost much money. Some investors see the possible DJT token as a chance, thinking that a cryptocurrency officially sponsored by President Trump would garner significant popularity and value.
On his X handle today, the Chief Marketing Officer (CMO) at Founders Fund, Mike Solana, tweeted a smart contract address when replying to his earlier publication on cryptocurrency visibility. He went further to inform his followers that the digital token linked to the contract currently has a market capitalization of over $177 million.
Trump Management Yet To Confirm Report, TrumpCoin Set To Launch
TRUMP token trading volume has dropped by 22.24% and currently ranks #49 in the best-performing market capitalization, valued at $73.81 billion. The coin may drop below the top 59 coins should the selling pressure continue. In other words, Notcoin has gained more than 11.5 million holders since its inception.
These holders include exchange buyers, airdrop recipients, and regular exchange buyers. According to a report by Pirate Wires, the former president (Donald Trump) plans to launch the TrumpCoin using the marker DJT, representing. Trump is looking to launch the coin alongside Barron, his 18-year-old son.
The Trump management team has yet to confirm the report, but the Market is strongly responding to the current rave. Bubblemaps, a Blockchain data company, had expressed doubt about the authenticity of the proposed token. The company pointed out that 67% of DJT supply target a single cluster. Raydium, a Solana market marker, holds 43% of the assets.
DJT Token Market Capitalization Rise, BODEN Dropped By 32%
Data from CoinMarketCap showed that TRUMP coin plummeted from 27.75% to $7.60 in four hours due to the unverified claim. This major drop contributed to the coin losing approximately $150 million from its market capitalization. Other smaller Trump-themed memecoins were also affected by this development.
Donald Trump (TREMP), a Solana-network-based memecoin ripper, by 44.57% to drop from $1.05 – $0.65. Joe Biden (BODEN) token, a digital memecoin themed with the current United States president, was also affected.
BODEN dropped by more than 32%, while the DJT token had picked in market capitalization to reach $120 million as of June 18. Another data from Birdseye shows that the first set of DJT tokens was mined on April 22nd. The sudden rise in its market capitalization has triggered intense discussion in the cryptocurrency community amid the rumor that it is illegitimate.
The global cryptocurrency community is currently waiting for a formal statement from Donald Trump on the issue. Meanwhile, many industry influencers have continued to vent their frustration at those who released the DJT.
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