During the early hours of Tuesday, unconfirmed theories about Donald Trump backing the newly launched DJT token started doing the rounds on social media. Media outlet Pirate Wires revealed,

"Per conversations, Trump is launching an official token — DJT on Solana."

The publication also added that Trump's 18-year-old son Barron is "spearheading" the project. At press time, the token was up by more than 150% on the daily timeframe.

Mike Solana, the Editor-in-Chief of Pirate Wires, revealed that he did not speak to Trump directly, and cautioned readers, “assume he could rug pull, or pivot, say it's not true. Just reporting what I know via sources.”

Until press time, there was no confirmation from Trump’s side about this token launch. Neither had he posted anything about it on his TruthSocial platform. Opining on the token launch, crypto market intelligence platform Messari’s founder and vocal Trump advocate, Ryan Selkis said,

“I’m not 100% sure whether the Trump memecoin is real or an op, but I’m 50-50. Stay safe!!!”

On-chain data analytics platform Bubblemaps was quick to point out, that “no way” the DJT token was backed by Donald Trump. According blockchain data,

“67% of the supply in one cluster.”

The TrumpCoin tokens were minted two months back and had an association with KuCoin, an exchange that was charged for violating AML regulations a couple of months back in the US.

Coinbase’s director Conor Rogan noted,

“Unless Trump's team uses Kucoin (where you can't buy crypto in the US), this ain't Trump… Trump's team wallets have been linked to CB for deposits in the past, none from Kucoin I could find.”

Community favorite Politi-Fi coins associated with Trump - MAGA and TREMP - were both down by around 30% each on the daily timeframe. Contrarily, even BODEN had depreciated by 22% in the same timeframe.