- 1 DJT Token, the new member of the memecoin community, surged 300% in just a few hours.
- 2 Speculation that Donald Trump launched the token hurt PolitiFi tokens’ market cap.
- 3 ‘Pharma Bro’ Martin Shkreli claimed that he co-founded the new token, according to ZachXBT.
On June 19, the (TrumpCoin) DJT token, a new memecoin on the Solana blockchain, stirred the crypto market. The entry of the new token led to a drop in the market cap of political finance (PolitiFi) tokens. Moreover, Martin Shkreli, the co-founder of the hedge fund Elea Capital, claimed to be the co-founder of the new memecoin.
DJT Token’s Entry to the Memecoin Market
As the US presidential elections near, PolitiFi tokens are generating waves in the crypto space. After MAGA (TRUMP) and MAGA Hat (MAGA), DJT Token is all set to shake up the memecoin market.
The token touched the $0.01313 mark in a single day. At press time, the token was hovering at $0.01109 after an intraday drop of 4.47%, with a market cap of $121,054,494 and $174,302,215 in 24-hour volume.
There are rumors that Donald Trump introduced the respective token amid the ongoing election and his involvement in the crypto market. However, no official comment has been made by the former president.
According to ZachXBT, one of DJT's insiders, versosol, sold $832k worth of DJT and then deposited USDC into CEX. Martin Shkreli announced that he was the creator of DJT. Versosol is also a major holder of Martin Shkreli's other project, Shoggoth. Solana Meme Token DJT was once…
— Wu Blockchain (@WuBlockchain) June 19, 2024
ZachXBT, an independent on-chain sleuth, stated that Martin Shkreli is the co-founder of the DJT token. The network received private messages from Shkreli on X with over 1000 pieces of evidence indicating his involvement in DJT token creation.
There are no official comments from Shkreli or the Trump campaign on this particular token. However, the token surged over 300% in a few hours, which highlighting the community’s positive reaction towards the DJT token.
Market’s Reaction to the New Member
Like other PolitiFi tokens, the DJT has shown outstanding performance in the memecoin market. Within 24 hours, the new member surged to 300% and fell back 4.47%, data on CoinMarketCap shows.
The token was also debated on the Polymarket platform – ‘Is DJT real?’. 8% of the respondents think the token is real, whereas 92% favored ‘No.’ One of the members posted that the DJT token got approval from the SEC and is real.
DJT Token Debate I Source: Polymarket
Individuals also discussed who the real founder of the token was. A few claimed Donald Trump was the real founder, whereas others connected the token with Barron Trump and Shkreli. The debate also seeks the crypto community’s attention towards other PolitiFi tokens.
What About Other Political Tokens?
DJT token’s entry dropped the market cap of PolitiFi coins by 2.7% in a day, hitting $1,158,095,411 and $400,050,931 in 24-hour volume. However, many of the PolitiFi giants, including TRUMP and MAGA, continue to be bullish.
According to CoinMarketCap, TRUMP was hovering at $8.86 after a 15.44% intraday surge, with a market cap of $389,509,225. MAGA was trading at $0.0002053 displaying an intraday growth of 6.98% with a market cap of $79,846,799.
Some exchanges, including HTX and Kraken to name a few, have listed political tokens such as Jeo Boden (BODEN) and Doland Tremp (TREMP). On the other hand, Bybit and OKX are among those exchanges that rejected the listing due to potential political risks.
Disclaimer
The analysis given above is for informational and educational purposes only. You should not take it as financial, investment, or other advice. Investing in or trading crypto assets is risky. Please consider your circumstances and risk profile before making any investment decisions.
