Is Trump Launching a Crypto Token? Industry Scrutinizes ‘Trump Coin’
Amid the buzz surrounding the upcoming presidential election, rumors have surfaced about a new crypto token called “Trump Coin.” Industry experts are investigating the origins of this token, registered on the Solana blockchain under the symbol “DJT” and the moniker “Trump Coin.”
Trump Coin: A Meme Token Inspired by Donald Trump?
Meme tokens, like meme stocks, draw inspiration from pop culture and internet trends. While some popular meme coins like Dogecoin and Shiba Inu originated as jokes, their cult-like following has propelled the meme coin market cap to an impressive $50 billion.
Trump Coin joins the list of Solana-based meme coin projects like “Dogwifhat,” “Jeo Boden,” and “Mother Iggy.” As of this writing, Trump Coin’s market capitalization stands at $73 million.
Lack of Direct Affiliation with Trump
FOX Business has been unable to confirm a direct or indirect affiliation between Trump and the token. Industry sources indicate that individuals associated with the former president have been planning to launch a digital coin for several months.
However, neither the Trump campaign nor Truth Social has responded to requests for comment. Former presidential candidate Vivek Ramaswamy, an advisor to Trump, directed FOX Business to the campaign but expressed support for the campaign’s embrace of cryptocurrencies.
Trump’s Crypto Connections
Trump is not known as a crypto enthusiast, but he has recognized the potential of the industry as a source of support. According to a Coinbase study, approximately 52 million Americans use cryptocurrencies, and they are becoming politically active.
Trump reportedly owns a substantial amount of the “MAGA” and “TROG” meme coins, gifted to him by their creators. Arkham Intelligence estimates Trump’s crypto portfolio to be worth around $6 million.
Crypto Vote Could Sway Election
Analysts believe the crypto vote could impact the upcoming presidential election. Many industry participants identify as single-issue voters who will base their decision solely on a candidate’s stance on cryptocurrencies.
Trump’s campaign is targeting these voters with the help of advisors like Vivek Ramaswamy, an entrepreneur and crypto enthusiast advising Trump on digital asset policy.
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