Is Trump launching a crypto token? Industry eyes 'Trump Coin'

Paul Grewal, Coinbase's chief legal officer, explains why the cryptocurrency exchange donated $25 million to oust anti-crypto politicians from Congress on the 'Big Money Show.'

Is Donald Trump looking to endear himself even more to the $2.5 trillion crypto industry with the launch of a new crypto token called “Trump Coin”?

That's what's creating buzz, according to those in the crypto industry, as Trump ramps up his campaign for the November presidential election. Industry experts are trying to understand the origins of a so-called meme token registered on blockchain platform Solana under the symbol “DJT” and the nickname “Trump Coin.”

DJT, of course, is the ticker symbol for Donald Trump's social media platform called Truth Social. The stock itself has been a favorite since its March IPO, with DJT shares trading as high as $79.38. The stock is currently trading around $35.

Security Ticker Last variation Variation % DJT TRUMP MEDIA & TECHNOLOGY GROUP CORP 34.72 -2.33 -6.29%

TRUMP SUPPORTS BITCOIN AS DEFENSE AGAINST FOREIGN ADVERSARIES AND CENTRALIZED DIGITAL CURRENCY

Like meme stocks, meme tokens draw inspiration from outside factors such as internet trends and pop culture references. Although some of the most famous coins, like Dogecoin and Shiba Inu, were originally created as a joke, their popularity and popularity has accelerated the total coin market capitalization to a staggering 50 billion of dollars.

By launching on the Solana blockchain, Trump Coin will join the ranks of other popular Solana-based coin projects like “Dogwifhat,” a token associated with a dog meme wearing a pink knitted hat; “Jeo Boden,” a satirical caricature of President Biden; and “Mother Iggy,” a play released last month by Australian rapper Iggy Azalea.

According to blockchain explorer SolScan, the token began trading on Solana this evening with a market cap currently at $73 million.

FOX Business could not confirm whether the token is directly or indirectly affiliated with Trump, but industry sources say people affiliated with the former president have been considering launching a digital coin for at least two months.

Industry experts are trying to understand the origins of a so-called meme token registered on blockchain platform Solana under the symbol “DJT” and the nickname “Trump Coin,” according to the page created for the contract reviewed by FOX Business. (Anna Moneymaker/Getty Images)

A Trump campaign spokesperson did not respond to requests for comment. A spokesperson for Truth Social also did not respond to calls for comment.

When asked to comment on the launch of Trump Coin, former Republican presidential candidate and advisor to President Trump Vivek Ramaswamy directed FOX Business to the Trump campaign, but had this to say: “I'm glad that President Trump and his campaign are looking into crypto. , including accepting it – he’s ahead of the curve. Embracing crypto will help Trump continue to include libertarians and your outlier Republicans – it's a winning question.

Trump Coin is the latest in a handful of meme coins inspired by political candidates this election cycle. Other unaffiliated Trump meme tokens trade across the crypto landscape, including a token trading under the MAGA symbol, its slogan “Make America Great Again” with a caricature of Trump and an American flag in the background.

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The “MAGA” coin, which operates under the symbol TRUMP, is currently the most popular political coin, trading at just over $9 with a market cap of over $400 million. The price of the token fell upon the announcement of the launch of Trump Coin.

Another Trump-inspired coin is trading under the letters TROG; it accompanies a cartoon of a frog wearing a MAGA hat. Much smaller than MAGA, it has a market cap of $7.38 million and also fell on the announcement of the Trump Coin launch.

These are representations of the cryptocurrencies Bitcoin, Ethereum and Dogecoin. (Reuters/Dado Ruvic/File)

Neither MAGA nor TROG are directly affiliated with Trump, his various business ventures or his 2024 presidential campaign. However, according to research firm Arkham Intelligence, the former president owns a significant number of MAGA and TROG tokens, which he were offered by the creator of the token. Trump, himself, is no crypto bro, but he has tapped the industry as a potential source of voters in the run-up to the November election.

According to a Coinbase study, approximately 52 million Americans have used crypto, and they are becoming increasingly politically active as they work to elect crypto-friendly politicians to positions in Congress. One such candidate is John Deaton, a crypto lawyer who is currently running as a Republican to unseat Massachusetts Democratic Senator Elizabeth Warren, who is staunchly anti-crypto.

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Trump is worth around $6 billion, but according to Arkham Intelligence, he now has a crypto portfolio worth around $6 million that he has accumulated from various sources, including his own NFT collection and its holdings of MAGA and TROG coins.

Crypto voting could be crucial in the next presidential election, some analysts believe. Many in the industry consider themselves single-issue voters, meaning they will vote solely based on the candidate they deem most crypto-friendly, regardless of their other political views, said industry players at FOX Business. Trump is targeting these voters with the help of some of his advisers, including Ramaswamy, an entrepreneur and crypto enthusiast who has advised Trump on digital asset policy.

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