DJT Token on Solana Surges Then Dumps Amid Trump Rumors

DJT Token on Solana Surges Then Dumps Amid Trump Rumors

The DJT token, a cryptocurrency minted two months ago on the Solana blockchain, has surged by 180% amid rumors that former U.S. President Donald J. Trump is behind it. The speculation was initially reported by Pirate Wires, with Mike Solana, Editor-in-Chief of the publication, posting a smart contract address linked to the token. Solana clarified that he did not speak directly with Trump, and there has been no official confirmation from Trump's team. The Trump campaign has not yet responded to requests for comment.

Despite the surge, the market for Donald Trump-themed cryptocurrencies, including the DJT token, has experienced volatility. The DJT token saw a 31% drop in value following the initial spike, raising doubts among blockchain analytics firms and industry leaders about the token's legitimacy. The market impact of these rumors has been significant, with over $150 million wiped from the market cap of various Trump-related tokens. Trading activity for the DJT token recorded over $129 million in volume within 24 hours, but the lack of official confirmation continues to fuel uncertainty in the crypto community.

Summary

Other news in politics