There's no official confirmation yet on whether DJT on Solana is linked to Donald Trump's campaign, but there are several reasons why the former president might be tempted.
Donald Trump has criticized central bank digital currencies, shown openness to accepting crypto donations, and even called for all remaining Bitcoin to be mined in the U.S. Now, rumors are swirling about whether the Republican nominee is launching his own token.
For some time, a variety of memecoins inspired by Trump’s presidential campaign have emerged. One of the most notable is MAGA, named after his slogan "Make America Great Again," which trades under the ticker TRUMP. However, attention is now on a rival token called TrumpCoin, which uses the ticker DJT and is based on the Solana blockchain.
On Monday night, the independent media company Pirate Wires posted on X:
"Per conversations, Trump is launching an official token — $DJT on Solana. Barron spearheading."
This sparked widespread speculation and skepticism, especially since no sources were cited. FOX Business further fueled the speculation by confirming that crypto sources indicated those close to Trump have been planning to launch a digital coin for at least two months.
There has been no comment from Trump’s campaign regarding the truth of these rumors. However, Vivek Ramaswamy, a potential running mate, told the news outlet:
"I’m glad President Trump and his campaign are leaning into crypto, including accepting it — he’s ahead of the curve. Embracing crypto will help Trump continue to bring libertarians and atypical Republicans into the fold — it’s a winning issue."
The market's reaction has been notable. TRUMP, launched late last year, has suffered from the speculation of a rival token officially endorsed by Trump. It dropped from $10.72 to $5.78 in just five hours after the Pirate Wires post. Meanwhile, DJT on Solana saw a surge, currently trading at $0.0237 with a market cap of $237 million, according to SolScan.
MAGA’s price over the past 24 hours | Source: CoinMarketCap
Despite the buzz, those supposedly in the know haven’t confirmed anything. Messari founder Ryan Selkis expressed caution:
"I’m not 100% sure whether the Trump memecoin is real or an op, but I’m 50-50. I offered to help those who reached out with legal and business intros but felt the person approaching me might be a Fed."
Even Pirate Wires editor-in-chief Mike Solana distanced himself from further crypto news, despite breaking the initial story:
"Didn't speak with Trump directly, assumed this was clear. He could rug pull or pivot and say it’s not true. Just reporting what I know via sources."
Martin Shkreli seems more convinced of the coin’s legitimacy, stating that more insiders confirmed its authenticity:
"Another Trump insider, more insider than me. A lot more coming."
Trump’s need for funds, especially after a $454 million judgment (reduced to a $175 million bond on appeal), adds a layer of intrigue. With stock in Truth Social struggling, launching an official Trump coin might seem a logical next step to mobilize capital from his supporters. However, liquidity issues and potential SEC scrutiny could complicate matters.
DJT stock has fallen 35% over the past month | Source: Google
The Trumps’ connections with Solana are also notable, as Melania Trump has previously released NFT collections on this blockchain. Whether this supposed official coin is fact or fiction remains to be seen, but the crypto community won't have to wait long for an answer.