The cryptocurrency market has been shaken by rumors of an "official" Trump token, DJT, launching on the Solana blockchain. This news has led to a drastic decline in Trump-related meme coins, with the popular MAGA (TRUMP) coin plummeting over 51% in value. Other Trump-themed meme coins, such as Donald Tremp (TREMP) and Jeo Boden (BODEN), have also suffered significant losses.

Despite the rumors, Trump's team has not confirmed any involvement with the DJT token, leaving the crypto community skeptical. Blockchain data firms and industry leaders have expressed doubt about the token's legitimacy, with some calling it "fake news." The token's smart contract address was shared by Mike Solana, the CMO of Founders Fund, but he later clarified that he had not spoken directly with Trump and acknowledged the possibility of a rug pull or pivot.

The DJT token has surged to a $120 million market cap, but its legitimacy remains uncertain. The crypto community is divided, with some believing it to be an official Trump token and others considering it a scam. The situation highlights the volatility and uncertainty of the cryptocurrency market, where rumors and speculation can significantly impact token values.

In conclusion, the rumors of an "official" Trump token have sent Trump-related meme coins into a tailspin, with many investors suffering significant losses. As the situation unfolds, the crypto community remains cautious, awaiting confirmation from Trump's team or further evidence of the token's legitimacy. The incident serves as a reminder of the importance of thorough research and due diligence in the cryptocurrency market.