DJT coin surges 230K%! Is Donald Trump playing a part in its rise?

• DJT coin surged 230k% amid rumors linking it to Donald Trump.
• Other Trump-related tokens and Biden memecoins saw significant declines.

Amidst broader market decline, the Solana [SOL] memecoin market cap has also fallen to $6.34 billion, marking a 20.1% drop in the past 24 hours as per CoinGecko.

Despite this downturn, a newly launched memecoin on Solana called DJT is experiencing a surge in trading activity.

This increase is attributed to rumors that the token is the official cryptocurrency associated with former U.S. President Donald Trump.

Rumor or fact?

Pirate Wires, a tech media company, was the first to start this rumor when they said,

Initially, the tweet was labeled with a “community note” identifying it as “fake news,” but this note has since disappeared.

Mike Solana (unrelated to the Solana blockchain network), Editor-in-Chief at Pirate Wires, and CMO at venture capital firm Founders Fund, clarified that he did not speak with Trump directly and was merely relaying information from his sources.

Notably, this news was not well-received by many execs. As David Bailey, CEO of BTC Media, expressed his disapproval and stated, 

Impact on DJT coin

However, not all repercussions were negative. The DJT coin experienced a massive surge of 230k% in the past 24 hours, according to DEXScreener.

But while DJT saw a significant hike, other Trump-related tokens faced declines.

At the time of writing, Doland Tremp [TREMP] fell by 30.8%, and MAGA [TRUMP] dropped by 28.26%, as reported by CoinGecko.

Moreover, the declines weren’t just limited to Trump-related memecoins.

Various memecoins associated with the current president, Joe Biden, also saw significant drops. For instance, Jeo Boden [BODEN] fell by 23.69% at the time of writing.

Trump’s pro-crypto moves

Regardless of whether the news proves to be false or true, Trump has already shown his support for crypto lot many times.

In May, his campaign launched a Coinbase-based fundraising page for crypto donations to support his presidential bid.

He also urged the U.S. to lead in the cryptocurrency industry and stated on Truth Social that he wanted all remaining Bitcoin [BTC] to be mined in the U.S.

Therefore, as the election approaches, it will be interesting to see whether his actions reflect genuine support for cryptocurrency or are merely political maneuvers to gain votes.