DJT drops 90.8%, reflecting the volatile nature of meme coins in the crypto landscape.
TrumpCoin (DJT), a controversial meme token, saw a significant price drop, dropping 90.8% in just 3 hours.
At the time of writing, the token, which is not officially affiliated with Donald Trump, was worth $0.0004581 according to data from CoinGecko. At one point, the cryptocurrency had fallen to $0.0001203, a dramatic 95% drop.
Despite the sharp decline, trading volume surged to $1.79 million. This unusual increase in trading activity suggests increased investor interest, perhaps driven by attempts to capitalize on the price decline or liquidate positions.
The cryptocurrency market as a whole also saw some volatility. Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) saw significant price drops, contributing to a broader sell-off in the market.
This broad market slowdown was exacerbated by global economic factors, including disappointing technology earnings and weak jobs data, which also impacted traditional stock markets.
Several reports about the token’s origins and affiliations have added to the confusion surrounding DJT. Controversial figure Martin Shkreli claimed involvement in the creation of TrumpCoin, sparking rumors of official ties to Donald Trump, which Trump’s close associates have publicly denied. These allegations have muddied the market, leading to speculative trading and confusion among investors.
This uncertainty has fueled price volatility and led to significant betting on platforms like Polymarket, calling into question the origin and authenticity of the token.
Interestingly, several other Trump-themed meme coins appear to be doing well, with MAGA (TRUMP) up nearly 20% in the past 24 hours.
Elsewhere, a meme cryptocurrency playing on the name of Donald Trump’s Democratic opponent in the upcoming US presidential election, Kamala Horris (KAMA), also had a torrid 24 hours, with its price falling by 12.4%.
Its performance was even worse over a seven-day period, with its value dropping by a massive 43%, even as Harris attempts to repair his relationship with the crypto industry.
