The cryptocurrency world is abuzz with hypothesis a few new token named “Trump Coin,” launched on the Solana blockchain below the image “DJT.” Despite the hype, proof means that the token will not be formally 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 marketing campaign efforts for the upcoming presidential election in November. The inventory image “DJT” is already generally known as the ticker for Trump’s social media platform, Truth Social, which has skilled meme inventory recognition.
However, Polymarket, a prediction market platform, locations the likelihood that DJT will not be an official Trump token at 80%. Approximately $400,000 has been wagered on this guess, indicating important curiosity and skepticism throughout the crypto group.
Bubblemaps, a blockchain monitoring service, forged 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 buyers from contemplating funding within 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, one other blockchain analytics agency, supplied extra insights. They reported {that a} new pockets, probably linked to an insider, spent 1,363 SOL (round $188,000) to buy 52.09 million DJT tokens earlier than the information of Trump’s supposed token launch.
Thereafter, following the information, this pockets withdrew one other 1,000 SOL (roughly $138,000) from Binance to purchase an extra 6.62 million DJT tokens. Currently, this pockets 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 earlier report, Lookonchain highlighted the unstable nature of the token. They detailed the case of an investor who spent 2,500 SOL (about $342,100) to purchase 91,705.6 DJT however managed to recoup solely 4.91 SOL ($673) after they bought. The investor confronted a staggering lack of $341,400 in “less than a minute.”
The frenzy started when Pirate Wires, a information outlet, declared, “Per conversations, Trump is launching an official token — $DJT on Solana. Barron spearheading.” This message triggered important consideration and hypothesis because the token launched on Tuesday, June 18.
Despite the preliminary buzz, varied specialists and analysts stay uncertain in regards to the token’s legitimacy. Moreover, the focus of DJT tokens in a couple of wallets and the habits of early consumers recommend that the token could also be a speculative play somewhat than an official venture endorsed by Trump.
Also Read: MAGA Price Prediction: What’s Escalating TRUMP’s 40% Drop
The offered content material could embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability to your private monetary loss.
