The cryptocurrency market saw a significant downturn recently, with tokens linked to Donald Trump experiencing a massive drop of over 30%. This sudden decline was triggered by rumors of an "official" token launch on Solana by Trump's team, which has yet to be confirmed.

The rumors, spread by Pirate Wires, claimed that Trump was launching a token called TrumpCoin under the ticker DJT, allegedly spearheaded by his 18-year-old son, Barron. However, Trump's team has not officially confirmed the token launch, leaving many in the industry skeptical about the connection between DJT and Trump.

Blockchain data firms like Bubblemaps have questioned the authenticity of DJT, pointing out that around 67% of the supply is in one cluster and 43% is on Solana-based automated market maker Raydium. As a result, the TRUMP token plummeted 31% to $7.46 within four hours, resulting in a loss of over $150 million from its market cap.

Smaller Trump-related tokens were also affected, with the Jeo Boden (BODEN) token, linked to Trump's rival Joe Biden, dropping over 22%. Interestingly, despite being relatively unknown, DJT surged to a $120 million market cap on June 18, with the first DJT tokens minted on April 22.

The industry is now waiting for confirmation from Trump, with several leaders expressing frustration at the potential perpetrators behind the token launch. This development comes as presidential candidates like Trump, Biden, and Robert F. Kennedy Jr. are increasingly engaging with the cryptocurrency industry ahead of the upcoming election.