There is speculation among crypto enthusiasts that Donald Trump is aiming to win over the $2.5 trillion industry with a new digital token dubbed “Trump Coin” as he steps up his campaign for the upcoming November election. Industry analysts are investigating the origins of a meme token listed on the Solana blockchain under the symbol “DJT” and named “Trump Coin.”
DJT is associated with Trump’s social media platform, Truth Social, a stock market favorite since its IPO in March, reaching highs of $79.38 per share and now trading around $35.
Meme tokens, as with meme stocks, are influenced by internet culture and trends. Dogecoin and Shiba Inu, for example, started as jokes but grew into significant market players, pushing the meme coin market cap to about $50 billion. Trump Coin joins other meme tokens such as Dogwifhat, linked to a dog meme; Mother Iggy, a coin by rapper Iggy Azalea; and Jeo Boden, a satire on President Joseph Biden.
SolScan, a blockchain explorer, shows Trump Coin began trading on Solana recently, with a current market cap of $73 million.
Although it’s unclear if Trump directly supports the token, industry sources suggest associates of the former president have been working on a digital currency for a couple of months. Neither the Trump campaign nor Truth Social responded to requests for comments.
Trump Coin is one of several politically inspired meme tokens emerging this election season. Other unaffiliated Trump meme tokens include one under the MAGA symbol, featuring Trump’s slogan Make America Great Again, and a cartoon image of him with the American flag. The coin, trading at more than $9 with a market cap exceeding $400 million, saw its price dip with the news of Trump Coin’s launch.
Another Trump-oriented meme token, TROG, features a frog in a MAGA hat and has a market cap of $7.38 million, which also dropped following the Trump Coin announcement. TROG and MAGA are not formally associated with Trump or his 2024 campaign. But according to Arkham Intelligence, Trump has received a sizable quantity of MAGA and TROG tokens as gifts from the companies that created them.
Despite not being a typical crypto enthusiast, Trump has recognized the industry’s potential for voter support as the election approaches.
A study by Coinbase reveals that around 52 million U.S. citizens have used cryptocurrency, with this group becoming increasingly active in politics, supporting cryptofriendly candidates. One such contender is Republican crypto attorney John Deaton, who is challenging Massachusetts Democratic Senator Elizabeth Warren, a fierce opponent of cryptocurrency.
Analysts believe the cryptocurrency vote could be crucial in the upcoming election, with many in the industry identifying as single-issue voters focused on crypto policies. Trump aims to attract these voters with the assistance of experts such as entrepreneur and cryptocurrency supporter Ramaswamy, who has been guiding him on crypto-asset policies.
Industry players such as Canaan Inc. (NASDAQ: CAN) will be watching how crypto shapes the ongoing campaigns and upcoming elections as this could help policymakers come up with a clear regulatory direction for the industry.
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