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Donald Trump’s former adviser, Roger Stone, has dismissed rumors linking the newly launched “Trump Coin” to the former U.S. president. On Monday, a token named “Trump Coin” debuted on the Solana blockchain under the “DJT” ticker, generating a buzz within the cryptocurrency market.
However, the former advisor has reiterated that neither Donald Trump nor his son has endorsed the meme coin.
DJT went viral after tech publication Pirate Wireless wrote that it reportedly launched with the former president’s consent. The token launch comes amid the buildup to Trump’s campaign for November’s forthcoming U.S. presidential election. Notably, the ticker “DJT” is associated with Trump’s social media platform, Truth Social, which has gained popularity in the meme sector.
Nonetheless, the popular market prediction platform Polymarket posted an 80% probability that DJT is a fake Trump token, with $400,000 staked in this outcome. This significant betting activity reflects both interest and skepticism within the crypto community.
Blockchain tracking service Bubblemaps doubts Trump Coin’s authenticity, saying, “No way $DJT is actually from Donald Trump. 67% of the supply is in one cluster.” The company also advised investors against investing in the Solana meme coin.
Bubblemaps added, “Important complementary info: Holder #1 is Raydium Concentrated Liquidity with 43% of the supply. 46% of the supply is held by one cluster, with AxJcErA5 sending $DJT to 140 wallets.”
Moreover, blockchain analytics firm Lookonchain reported that a potentially new insider address purchased 52.09 million DJT tokens worth $188,000 (1,363) SOL before Private Wireless’s publication. Following the news, the wallet took an extra 1,000 SOL ( $138,000) from Binance to acquire 6.62 million DJT tokens. This wallet now holds DJT $1.56 (58.71 million) worth of, making it the third-largest Trump Coin holder.
Lookonchain also highlighted the token’s volatility, detailing the case of an investor who spent 2,500 SOL (about $342,100) to acquire 91,705.6 DJT. Upon selling, the trader recouped only 4.91 SOL ($673), losing $341,400 in less than a minute.
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