In a significant upheaval in the cryptocurrency market, the Trump token (TRUMP) dropped by 31% amidst speculation and rumors concerning the newly surfaced DJT token. Uncertainty prevails as former President Donald Trump has not confirmed or denied any ties to this token.

On June 17, Pirate Wires stirred the market with a post claiming that Trump was launching an official token named TrumpCoin, under the ticker DJT, purportedly led by his 18-year-old son, Barron Trump. However, these claims have not been substantiated by Trump’s team, leading to widespread skepticism.

Blockchain analytics firms, including Bubblemaps, have expressed doubts about the legitimacy of DJT. Bubblemaps reported that 67% of the DJT supply is concentrated in one cluster, with 43% on the Solana-based automated market maker Raydium, suggesting that the token may not be linked to Trump.

Despite these doubts, the market reacted dramatically. The TRUMP token plummeted to $7.46 within four hours, erasing over $150 million from its market cap. Other Trump-related memecoins also suffered; Donald Tremp (TREMP) fell 36.8% from $0.95 to $0.60 before rebounding to $0.76. The Jeo Boden (BODEN) token, associated with Joe Biden, dropped over 22%.

Conversely, the DJT token saw a surge, reaching a $120 million market cap by June 18. Data from Birdseye indicated that the first batch of DJT tokens was minted on April 22, adding to the intrigue.

As the industry awaits a definitive statement from Trump, frustration grows among industry leaders over the potential manipulation behind the DJT token. This incident comes as presidential candidates like Trump, Biden, and Robert F. Kennedy Jr. are increasingly engaging with the crypto industry ahead of the upcoming election.

The DJT token controversy underscores the volatility and uncertainty in the cryptocurrency market, highlighting the need for greater transparency and vigilance. As developments unfold, the intersection of politics and cryptocurrency remains a delicate and unpredictable landscape.