- The launch of a Donald Trump-backed meme coin, DJT, may additional solidify his assist for the cryptocurrency business forward of this 12 months’s elections.
- The unconfirmed rumors have brought about a serious massacre for the PoliFi tokens that had emerged previously few months led by MAGA and MAGA Hat.
Because the cryptocurrency business skilled heightened liquidation fueled by the Bitcoin (BTC) worth drop under $66k previously 24 hours, rumors of a doable Solana (SOL)-based meme coin backed by Donald Trump, a US presidential candidate through the Republican social gathering, caught the eye of many merchants.
In response to the newest crypto market knowledge, DJT, a meme coin considered backed by Trump, rallied over 180 % previously 24 hours to commerce round $0.025 on Tuesday.
The rumors of the DJT meme coin being backed by Trump originated from an X put up by Pirates Wires, a maverick media outlet. The rumors had been additional solidified by Ryan Selkis, the founder and CEO of Messari Crypto, who added that the buyers ought to strategy with care because the fed could possibly be behind the meme coin.
“I’m not 100% positive whether or not the Trump meme coin is actual or an op, however I’m 50-50. I provided to assist the folks that reached out with authorized and biz intros however informed them I wouldn’t take something in return as a result of I obtained the vibes that the man who approached me is a Fed,” Ryan noted.
DJT Market Outlook
The DJT meme coin attracted important consideration from crypto merchants on Tuesday, with its on-chain liquidity and buying and selling quantity round $86 million and $367 million respectively. Notably, the DJT meme coin had a totally diluted market cap of about $264 million, indicating heightened demand that might additional gasoline a bullish outlook.
The DJT meme coin has already attracted greater than 10k on-chain holders, amid heightened hypothesis. Furthermore, the DJT meme coin makes use of the token identify TrumpCoin, which has shut similarities with Trump Media & Know-how Group Corp. (NASDAQ: DJT), the corporate that merged with Reality Social
Greater Image
The escalated involvement of US politicians with the crypto business is a sign of an improved regulatory house forward. As Crypto Information Flash explained, the approval of spot Bitcoin ETFs and spot Ether ETFs in america was a serious turning level within the mass adoption of web3 protocols and digital belongings.
In consequence, whether or not the Trump staff formally adopts DJT meme coin or not, it’s protected to imagine that the crypto business is right here to remain and thrive.
Market Implications
Following the numerous hype on the DJT meme coin, different crypto tasks that had thrived within the identify of Trump vs Biden skilled heightened market correction. In response to the newest market knowledge, meme cash with the acronym MAGA dumped double-digit percentages previously 24 hours amid ongoing crypto correction.
For example, MAGA (TRUMP), an Ethereum-based meme coin with a market cap of about $332 million and a day by day common traded quantity of round $65 million, dumped over 33 % previously 24 hours to commerce round $7.09.
