What to Know About the DJT Token Rumor Sparking Meme Coin Craze Involving Donald Trump

With the United States presidential election on the horizon, contenders Donald Trump and Joe Biden are turning their focus to the cryptocurrency sector in a bid to win over tech-savvy voters. In a surprising turn of events, a meme coin called TrumpCoin (DJT), based on the Solana platform, has seen a staggering surge of over 368% in the past 24 hours, reaching a value of approximately $0.025 during the early New York trading session on Tuesday.

The Origins of TrumpCoin
The buzz surrounding TrumpCoin first emerged from Pirate Wires, a bold media outlet that hinted at the backing of the former president through its official X account. Despite the excitement, Ryan Selkis, the CEO and founder of Messari crypto, urged caution among investors, raising the possibility that the Federal Reserve could be involved in the account.

The Rise of DJT & Market Frenzy
The spike in value of the DJT meme coin was accompanied by a significant surge in trading volume. Data from Birdeye revealed that DJT’s fully diluted market cap reached around $248 million, with a daily average trading volume of approximately $372 million. Additionally, DJT boasts locked liquidity of about $86 million on the Solana platform, with over 10,000 holders.

Impact on Other Meme Coins
While DJT garnered considerable attention, other meme coins associated with Trump’s political influence saw sharp declines. The Ethereum-based MAGA (TRUMP) coin dropped by more than 36% in the last 24 hours, trading at around $6.87. Similarly, another Trump-themed coin, MAGA Again (MAGAA), fell by over 47%, trading at approximately $0.013 on Tuesday.

The increasing involvement of US political parties in discussions about cryptocurrency highlights the growing adoption of web3 and digital assets. Moreover, the recent approval of spot Bitcoin and Ethereum ETFs in the United States is expected to attract more institutional investors to the crypto market in the near future.