Trump coin ignites the market: Rumor has it that Trump Meme coin DJT will become the official token, a new strategy for the presidential campaign?

Rumors spark interest

Former President Donald Trump is rumored to be jumping right into the crypto world with a new token, “Trumpcoin,” to step up his efforts for the upcoming November presidential election. Trading activity for the DJT meme coin on Solana has increased. This comes after rumors circulated on crypto Twitter that former US President Donald Trump is linked to the token.

The tweet also suggested that Trump’s 18-year-old son Barron will “spearhead” the token project.

Unconfirmed claims

The claims originated from The Pirate Wires Twitter account. Initially labeled "fake news," the message is no longer visible. Editor-in-chief Mike Solana said he did not speak directly to Trump but was reporting the information from sources.

Mike Solana, editor-in-chief of Pirate Wires and chief marketing officer of venture capital firm Founders Fund, said he was not officially connected to the Solana blockchain network, and explained that although he did not speak directly to Trump, he knew what he reported and he knew it through sources.

Community response

The community is skeptical about the rumors of "Trump Coin" on Twitter. People asked Mike where he got the information? Mike is the only source.

A crypto enthusiast named Crypt0cracy said: "This is fake Mike. Trump can't let Barron be the target of left-wing regulators. He knows that the deep government is hunting his family."

Market Impact

The token was launched on April 21 and saw a significant spike in trading volume on June 1. In 24 hours, its trading volume exceeded $129 million with more than 26,000 transactions. According to data from cryptocurrency trading data tool Birdeye, it peaked at $0.37 before stabilizing above $0.017 per coin. Its market capitalization is $172 million.

Behind the Token Surge

The token surge could be part of a broader pattern of Trump’s name sparking interest in cryptocurrencies, similar to previous tokens and NFTs associated with him. However, the unverified DJT token is expected to follow the typical “flash crash” cycle of celebrity meme coins.

Recently, Trump expressed his support for cryptocurrencies, declaring himself the “crypto president” at a fundraiser. Meanwhile, the role of cryptocurrencies in the upcoming U.S. presidential election has attracted attention, with President Biden also engaging in cryptocurrency discussions.

Here is a bar chart representing Trump and Biden's approval rating among cryptocurrency owners, according to Paradigm polls. The chart shows that Trump's approval rating is 48% and Biden's is 39%.

Despite the rumors, the DJT token remains speculative. Its future may depend on continued interest and further development. The Trump campaign and media representatives have not yet commented on the rumors.