TrumpCoin (DJT)’s Volatile Price: Who’s the Man Behind?

CoinEx
3 min readJun 20, 2024

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Since the start of this year, the crypto market has witnessed the launch of a handful of memecoins circling Donald Trump and his campaign for the 2024 elections. Recently, we have seen the prices of TREMP and MAGA go off the roof and now there’s another coin joining the league named TrumpCoin (DJT).

So, let’s get into the nitty-gritty of this new memecoin.

Brief History and Background of DJT

Launched on May 21, 2024, TrumpCoin (DJT) is a memecoin around Trump’s media stock, DJT. Built on the Solana blockchain, the project seems to cash in on both the memecoin culture and the politically motivated investor community to fuel its token’s popularity and boost its demand in the crypto market.

The token gained traction after a new American media outlet, Pirate Wires, posted a tweet on the X platform that read: “According to rumors, Trump is launching an official token on Solana — $DJT.” Later, its editor-in-chief, Mike Solana, was asked whether the news was legitimate and he said that he had just reported what was provided to him by the sources.

Another rumor is that Trump’s youngest son, Barron Trump, is behind this project. Some claim that the token is nothing more than a fake memecoin created by some Internet figures to make profits. Nonetheless, this sudden rise in politically fueled memecoins has undoubtedly given rise to a new memecoin category in the market called Political Finance, or PolitiFi.

The Price Change of DJT on CoinEx

As of June 20, the DJT token trades around a price of $0.01 with a 24-hour trading volume of more than $991K. The total supply of the token is 9.99 billion, which makes its current market cap stand at over $140 million. In the last 24 hours, the token’s price fell more than 19%.

On June 19, DJT fell 34% in the past six hours after it was revealed that it had nothing to do with Trump. According to CoinMarketCap’s data, the token surprisingly made its all-time high on the same day at $0.01343 and hit its all-time low the next day at $0.009311. CoinEx recorded a fall of more than 50% in DJT’s price in the past week alone.

Following the burst of rumors around DJT, other memecoins circling Donald Trump also fell drastically in price. The notable ones among them were MAGA (TRUMP) and TREMP, which fell more than 30% in a single day at one point. These were the same two coins that recorded astonishingly high gains in the last month, showing that memecoins with no intrinsic value can both pump as well as dump massively if they just revolve around a personality, which in this case is Donald Trump.

The long-term fate of this memecoin has yet to be decided. If you want to trade cryptocurrencies, CoinEx is the best place to find outstanding volatility and prices.

Overview

About CoinEx

Established in 2017, CoinEx is a global cryptocurrency exchange committed to making trading easier. The platform provides a range of services, including spot and margin trading, futures, swaps, automated market maker (AMM) and financial management services for over 5 million users across 200+ countries and regions. Founded with the initial intention of creating an equal and respectful cryptocurrency environment, CoinEx is dedicated to dismantling traditional finance barriers by offering easy-to-use products and services to make crypto trading accessible for everyone.

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