The meme coin DJT issued on the Solana blockchain skyrocketed over 3,000% on Monday due to an unconfirmed report.
Pirate Wires, a publication specializing in reporting on technology and politics, indicated on Monday that US presidential candidate Donald Trump is the mastermind behind the DJT token. If this report is true, it would be the first cryptocurrency created by a major party’s presidential candidate in history.
Pirate Wires posted on X (formerly Twitter) that Trump is launching an official token – DJT, based on Solana. Trump’s son, Barron, is reportedly “leading” this project. However, Pirate Wires editor Mike Solana stated that he did not have direct contact with Trump and only reported based on information from sources.
Trump’s campaign team has not responded to the matter, and as of now, Trump himself has not mentioned any news about the token on the platform.
The cryptocurrency community is generally skeptical of this report. Blockchain data company Bubblemaps believes that the DJT token is unlikely to be directly related to Trump himself. The company pointed out that about 67% of the supply is located in a cluster, with 43% of the total supply on Solana’s automated market maker Raydium.
The recent downturn in the market has also led to a significant correction in political finance (PoliFi) meme coins that were previously booming, including PEOPLE, MAGA, and BODEN, which have seen large-scale declines over the past week.
