On June 18, 2024, the cryptocurrency community on X (Twitter) is buzzing about a meme coin riding the coattails of a famous figure known as DJT, allegedly linked to former US President Donald Trump. DJT is also shorthand for Donald John Trump, the billionaire.
Specifically, a Twitter account named “Pirate Wires,” claiming to be a tech news outlet from Silicon Valley, asserts that DJT is Donald Trump’s official token. The account further claims the project is managed by Trump’s son, Barron Trump.
Mike Solana, Marketing Director at Peter Thiel’s Founders Fund and Editor-in-Chief of Pirate Wires, affirmed the authenticity of this information and even published the smart contract address for the DJT token.
contract address, posting for visibility: HRw8mqK8N3ASKFKJGMJpy4FodwR3GKvCFKPDQNqUNuEP
— Mike Solana (@micsolana) June 17, 2024
Immediately, several analysts within the cryptocurrency community pointed out inconsistencies in the post.
Accounts like Bubblemaps and Conor emphasized the low likelihood of DJT being a project directly involving Trump, noting that the smart contract address for this token was funded via KuCoin, a trading platform not accessible to US users. Additionally, there were signs of internal trading, as a cluster of wallets owned up to 64% of the total supply. In March 2024, the US Department of Justice indicted KuCoin and its founders for allegedly laundering up to $9 billion in illicit funds.
Unless Trump’s team uses Kucoin (where you can’t buy crypto in the US), this ain’t Trump https://t.co/ak6SZjujbJ pic.twitter.com/KY9VzpjQI5
— Conor (@jconorgrogan) June 17, 2024
Some other community members also raised the possibility that Mr. Mike Solana had his account hacked, or was provided with false information.
So this is a hack right? pic.twitter.com/qG0VxXqTem
— Wazz (@WazzCrypto) June 17, 2024
Many have sounded the alarm for followers, warning of the possibility that this is merely a pump-and-dump scheme leveraging the name of Donald Trump. This concern arises amidst Solana’s ecosystem witnessing a surge of memecoins created with many piggybacking on the fame of public figures.
The price of the DJT token has experienced significant volatility since news of its association with Donald Trump spread, subsequently met with skepticism from various community members regarding its authenticity.
According to data from DEXTools, the DJT token has surged nearly 200% in the past 24 hours, achieving a market capitalization of $160 million, with liquidity in the Raydium pool reaching $56 million.
