There is currently no official confirmation about whether the DJT coin on the Solana blockchain is linked to Donald Trump’s campaign, but there are several reasons why the former president might be tempted to venture into this space.

Donald Trump has been vocal against central bank digital currencies, shown openness to accepting crypto donations, and even called for all remaining Bitcoin to be mined in the U.S. Amid these developments, rumors have been circulating about the potential launch of a Trump-endorsed token.

Over the past months, several memecoins inspired by Trump’s presidential campaign have surfaced. Among these, MAGA, trading under the ticker TRUMP, is one of the better-known ones. Recently, another token, TrumpCoin, using the ticker DJT and based on the Solana blockchain, has garnered attention. On Monday night, the independent media company Pirate Wires posted on X, stirring up speculation.

FOX Business further fueled the fire, reporting that crypto sources claimed those close to Trump had been planning to launch a digital coin for at least two months. However, there has been no official comment from Trump’s campaign. Vivek Ramaswamy, a potential vice presidential pick, expressed his approval, stating that embracing crypto could help Trump attract libertarians and unconventional Republicans.

The market reaction has been significant amid this speculation. TRUMP, the existing token, saw a sharp decline, falling from $10.72 to $5.78 within a few hours. Meanwhile, DJT on Solana experienced a surge, with its value and market cap increasing rapidly. The latest data from SolScan shows DJT trading at $0.0237, with a market cap of $237 million, nearly 10 billion tokens in circulation, and 11,126 holders.

Despite the market movements, there remains a lack of concrete information. Key figures and sources close to the situation have been reluctant to confirm the legitimacy of the new coin. Messari founder Ryan Selkis has expressed caution, while Pirate Wires editor-in-chief Mike Solana has indicated no further information following his initial post. On the other hand, Martin Shkreli seems convinced of the coin’s legitimacy.

Financially, Trump might have reasons to explore a new revenue stream. He faces significant financial challenges, including a recent court judgment and restrictions on cashing out his stake in Truth Social until October. An official Trump coin could potentially unlock capital from his supporters, though liquidity issues and regulatory scrutiny by the SEC could pose challenges.

Interestingly, the Trumps have previous connections with Solana. Melania Trump has released several NFT collections on this blockchain, adding another layer of intrigue to the rumors.

In conclusion, while the rumors of an official Trump coin have generated significant market interest and speculation, official confirmation is still pending. Whether fact or fiction, the upcoming days will likely shed more light on this potentially groundbreaking development in the crypto space.