The cryptocurrency world is abuzz with speculation about a new token named “Trump Coin,” launched on the Solana blockchain under the symbol “DJT.” Despite the hype, evidence suggests that the token is not officially linked to former President Donald Trump.
Solana Meme Coin DJT Sparks Insider Trading Concerns
The DJT token’s creation coincides with Trump’s ramped-up campaign efforts for the upcoming presidential election in November. The stock symbol “DJT” is already known as the ticker for Trump’s social media platform, Truth Social, which has experienced meme stock popularity.
However, Polymarket, a prediction market platform, places the probability that DJT is not an official Trump token at 80%. Approximately $400,000 has been wagered on this bet, indicating significant interest and skepticism within the crypto community.
Bubblemaps, a blockchain tracking service, cast doubt on the token’s authenticity. They tweeted, “No way $DJT is actually from Donald Trump. 67% of the supply in one cluster.” Moreover, Bubblemaps warned investors from considering investment in the DJT meme coin on Solana.
In addition, they added, “Important complementary info: Holder #1 is Raydium Concentrated Liquidity with 43% of the supply. 46% of the supply is held by one cluster, with AxJcErA5 sending $DJT to 140 wallets.”
Lookonchain, another blockchain analytics firm, provided more insights. They reported that a new wallet, possibly linked to an insider, spent 1,363 SOL (around $188,000) to purchase 52.09 million DJT tokens before the news of Trump’s supposed token launch.
Thereafter, following the news, this wallet withdrew another 1,000 SOL (approximately $138,000) from Binance to buy an additional 6.62 million DJT tokens. Currently, this wallet holds 58.71 million DJT, valued at $1.56 million, making it the third-largest holder of DJT.
Also Read: TRUMP Whales Offload 473K Tokens, What’s Happening?
Trader Makes Massive Loss In Just A Minute
In a previous report, Lookonchain highlighted the volatile nature of the token. They detailed the case of an investor who spent 2,500 SOL (about $342,100) to buy 91,705.6 DJT but managed to recoup only 4.91 SOL ($673) when they sold. The investor faced a staggering loss of $341,400 in “less than a minute.”
The frenzy began when Pirate Wires, a news outlet, declared, “Per conversations, Trump is launching an official token — $DJT on Solana. Barron spearheading.” This message triggered significant attention and speculation as the token launched on Tuesday, June 18.
Despite the initial buzz, various experts and analysts remain doubtful about the token’s legitimacy. Moreover, the concentration of DJT tokens in a few wallets and the behavior of early buyers suggest that the token may be a speculative play rather than an official project endorsed by Trump.
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This news is republished from another source.
