There's no official confirmation on whether DJT on Solana is connected to Donald Trump's campaign — but there are several reasons why the former president might be enticed.
Donald Trump criticized central bank digital currencies, opened the door to accepting cryptocurrency donations, and called for the mining of all remaining bitcoins in the United States.
But there is another rumor spreading truly It has thrown the cryptocurrency community into a state of confusion: whether or not the Republican candidate will launch his own token.
For some time now, there has been a wave of memes inspired by the presidential campaign. Perhaps one of the most famous is MAGA — a reference to his long-standing slogan “Make America Great Again” — which is circulating under Trump’s ticker.
However, at the moment, there is a special focus on a competitor called TrumpCoin, which uses the DJT ticker and is based on the Solana blockchain. On Monday night, independent media company Pirate Wires posted on X:
This has sparked feverish speculation and a fair amount of skepticism – especially considering no source for this information has been provided.
But FOX Business added fuel to the fire after confirming that crypto sources said those with close ties to Trump “have been planning to launch a digital currency for at least two months.”
There has been no comment yet from anyone within the Trump campaign about how true all of this is. But Vivek Ramaswamy, who is likely to be touted as a potential vice-presidential and vice-presidential candidate, told the media:
“I'm glad President Trump and his campaign are leaning into crypto, including accepting it — he's on the cutting edge. Embracing crypto will help Trump continue to bring liberals and unconventional Republicans into the fold — it's a winning cause.”
Vivek Ramaswamy
With the emergence of a huge information black hole, it was fascinating to see how the markets reacted and tried to digest this news.
Trump, which was launched late last year, has been particularly affected by suggestions that a rival symbol officially endorsed by the former president is looming on the horizon.
It was trading at $10.72 at 10.07pm UTC on Monday evening, which is when Pirates Wires first published its gossip. Just five hours later, it fell to lows of $5.78 – a 46% drop.
Meanwhile, DJT on Solana – with a ticker matching the ticker of his publicly traded company Truth Social – saw an astronomical boom over the same period.
The latest data from SolScan indicates that the token is currently trading at $0.0237 and has a market cap of $237 million – with just under 10 billion tokens in supply and 11,126 holders.
What makes all of this even more bizarre is that those who are supposed to be in the know certainly don't seem to be coming forward.
Masari founder Ryan Selkis spoke with a cautious tone, saying:
Even Pirate Wires editor-in-chief Mike Solana — who curiously and coincidentally shared his name with the blockchain on which the currency is supposedly based — suggested he wouldn't pursue further information beyond his “scoop”:
Love-it-or-hate-it-it character Martin Shkreli seems more convinced of the legitimacy of memecoins:
What we know
Trump needs money – not least because of a series of recent setbacks. He was ordered to pay $454 million after a ruling in a recent fraud case, but that amount was reduced to a $175 million bond while he appealed that ruling.
While Truth Social's shares skyrocketed when it initially launched on Wall Street, lock-up provisions mean he can't cash out his stake until October at the earliest. Meanwhile, stock prices saw some decline:
In theory, launching an official Trump coin could be a logical next step in unlocking capital from his supporters — but a lack of liquidity could make it difficult to cash out without major price slippages, and that could also land him in trouble with the SEC.
It is also worth noting that the Trump family had contacts with Solana before. His wife, Melania, has repeatedly issued NFT collections on this blockchain.
Either way, we won't have to wait long to find out whether this supposedly official currency is fact or fiction.