Trump is becoming increasingly famous in crypto circles. He has been called the Crypto President, and it seems that nickname might hold more truth to it than anyone could think of. We know crypto has been a large part of the Trump 2024 presidential campaign, but no one saw this coming. 

Related: “Bitcoin Should Be Made In The USA” Trump Declares After Meeting With Mining Industry Heads

A fairly new coin on Solana, DJT has suddenly become a fan favorite based on a rumored link to Donald Trump. The rumor has yet to be confirmed, but that has not stopped crypto heads from driving its trading activity and price through the roof. The month-old DJT has now seen a 1,450% jump in its price, all thanks to Trump. 

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The (very profitable) rumor started with a single tweet on Monday from The Pirate Wires’ X account, where they posted very cryptically, “Per conversations, Trump is launching an official token—$DJT on Solana. Barron Spearheading.” That was all it took for crypto Twitter to go crazy for $DJT, hence its new $0.09067 price tag and a brief market cap of over $5 million on June 17. 

Although the contract address for $DJT was shared in the post, and 18-year-old Barron Trump was said to be spearheading the project, Mike Solana, the Editor-in-Chief, later said he had not directly spoken to Trump and that the DJT  post was just what he heard from his sources. But did that stop people from trading $DJT? Absolutely not.

DJT saw a spike in trading in just one day. GeckoTerminal reported that the Solana token has now logged over $129 million in trading volume across more than 26,000 transactions in the space of 24 hours. But according to the law of gravity, “what goes up must come down,” and the law applies to everything, including the miraculous rise of DJT. The token’s $5 million market cap has come crashing down to $794,990 within the last 24 hours. 

But why did DJT fall and break like Humpty Dumpty? While we can’t say for sure, it could be the debates within the crypto community about the legitimacy of the rumor. Delphi Digital co-founder Tommy Shaughnessy has suggested that the Pirate Wires account might have been hacked and that DJT could be a scam. 

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Tommy also pointed to many red flags from the DJT token, like its lack of a locked liquidity pool, its funding from KuCoin and the fact that top owners hold a high concentration of tokens. Blockchain data provider BubbleMaps has reported that 67% of the DJT supply is in one cluster.

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But amidst all the chatter and controversy around DJT, the real DJT, Donald J Trump, has yet to confirm his relation to the coin or even comment on it. So, is DJT just another flash-and-crash celebrity coin? Or is it another legit Trump coin like MAGA? The only thing for sure is that Donald Trump would get a kick out of the coin named after his initials.

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