Solana Meme Coin DJT Unlikely To Be Launched By Donald Trump

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As a seasoned analyst with extensive experience in the cryptocurrency market, I believe that the DJT token on Solana is nothing more than a speculative play and not officially linked to former President Donald Trump. The evidence against its authenticity is mounting, from the significant skepticism within the crypto community to the findings of various blockchain tracking services.

As a researcher delving into the cryptocurrency sphere, I’ve come across an intriguing newcomer: a token called “Trump Coin,” which emerged on the Solana blockchain under the symbol “DJT.” The buzz in the community is palpable, but the available information raises doubts about any official connection to former President Donald Trump.

Solana Meme Coin DJT Sparks Insider Trading Concerns

The generation of DJT tokens occurs concurrently with Donald Trump intensifying his election campaign for November. Notably, “DJT” is also the designation for Trump’s social media platform, Truth Social, which has garnered significant attention as a meme stock.

Although Polymarket’s prediction market estimates that there’s a 80% chance DJT isn’t the authentic Trump token, the collective wagers amounting to around $400,000 reveal a notable degree of curiosity and doubt among crypto enthusiasts.

Expert: Bubblemaps, a renowned blockchain tracking platform, expressed skepticism regarding the authenticity of the $DJT token. In a recent tweet, they stated, “It’s highly unlikely that the $DJT token is genuinely associated with Donald Trump. Nearly two-thirds (67%) of its supply are concentrated in one cluster.” Furthermore, Bubblemaps strongly advised investors against considering investments in the DJT meme coin on the Solana network.

Moreover, they mentioned that Raydium Concentrated Liquidity holds approximately 43% of the total supply. On the other hand, around 46% of the supply is controlled by a single cluster, with AxJcErA5 transferring $DJT to about 140 different wallets within this group.

According to the blockchain analysis conducted by Lookonchain, a new wallet, potentially connected to an insider, made a transaction spending approximately $188,000 in SOL (1,363 SOL) to acquire around 52.09 million DJT tokens prior to the public announcement of Trump’s alleged token launch.

After receiving the latest news update, I, as an analyst, observed that this particular wallet extracted another 1,000 Solana (SOL) tokens, equivalent to approximately $138,000, from Binance. Subsequently, it utilized these funds to acquire an additional 6.62 million DJT tokens. Presently, this wallet maintains a position of 58.71 million DJT tokens in its holdings, which is valued at around $1.56 million, thereby ranking as the third-largest DJT token holder.

Trader Makes Massive Loss In Just A Minute

In a past analysis, Lookonchain underlined the unstable character of the token. They described an instance where a purchaser invested a substantial sum of 2,500 SOL, equivalent to approximately $342,100, to acquire 91,705.6 DJT tokens. However, they only recovered a meager return of 4.91 SOL, equating to merely $673, upon selling. This unfortunate investor endured a massive loss of about $341,400 within a very short time frame.

When Pirate Wires, a news source, reported that Trump was introducing an official token named $DJT on Solana, with Barron taking the lead, there was a flurry of interest and conjecture. This announcement went live on Tuesday, June 18.

Although there was initial excitement surrounding the DJT token, many industry experts and observers express skepticism regarding its authenticity. Additionally, the large accumulation of DJT tokens in a limited number of wallets and the patterns of early transactions suggest that this may be more of a speculative investment than an genuine project backed by Trump.

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2024-06-18 18:14