Bittime - In the last few days, rumors have emerged regarding the launch of token which is claimed to be related to former US President, Donald Trump. However, the latest analysis from blockchain data company Bubblemaps states that this DJT token actually has no connection to Trump.
DJT Token Supply
According to Bubblemaps, about 67% of DJT token supply is in a single cluster, while 43% of the total supply is in Automated Market Maker Raydium, which is based on the Solana ecosystem. This raises questions about the transparency and decentralization of these tokens.
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Impact of DJT Token Launch Rumors
Although there is no official confirmation from Donald Trump's team regarding the launch of the DJT token, the rumors have influenced the market significantly. After rumors about the launch of the DJT token by the Trump team began to spread, several Trump-themed meme coins experienced a sharp decline.
For example, TRUMP fell from $8.1 to $7.46 in a short period of time. Other Trump-themed meme coins, such as Donald Tremp (TREMP), also saw a 36.8% drop from $0.95 to $0.60 before recovering to $0.76.
Even the Jeo Boden (BODEN) token, which is linked to Trump's main rival in the presidential election, Joe Biden, fell more than 22% in 24 hours.
DJT Token Led by Trump's Son?
Bubblemaps emphasized that the DJT token is not associated with Trump, despite claims by some that Trump's 18-year-old son, Barron Trump, led the token's launch.
Additionally, the absence of official confirmation from Trump's team adds to skepticism among investors and the crypto community. However, the DJT token reached a market value of $120 million on June 18, even though the token was relatively unknown before that.
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The Drastic Decline of Political Meme Coins is Very Unfortunate
As crypto players await official confirmation from Trump, several other crypto players have also expressed their frustration with the parties who may be behind the launch of the DJT token.
Rumors about the launch of DJT tokens claiming to be linked to Donald Trump have caused significant volatility in the Trump-themed meme coin market.
This is unfortunate because it comes at a time when presidential candidates like Trump, Biden, and Robert F. Kennedy Jr. are starting to take the crypto industry more seriously ahead of the upcoming election.
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How to Buy Crypto with Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read Also:
Meme Coin: From Internet Trend to National Political Issue?
Political Meme Coins Suddenly Dropped Drastically, What's the Cause?
Political Memecoin Trends Like Maga (TRUMP) According to Crypto Academy
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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