The cryptocurrency whose value has increased by more than 1400% in a few hours is named

Editor’s note: not financial advice!

DJT, a new meme coin on the Solana (SOL) platform, is experiencing a surge in trading activity and a significant price jump. This is happening amid rumors that the token is the official cryptocurrency of former US President Donald Trump.

The rumors started with a tweet from The Pirate Wires account on X on Monday. The platform reported that Trump was launching DJT as his official token, which was headed by his son Barron Trump.

Mike Solana, the editor-in-chief of Pirate Wires, shared the token’s contract address in a tweet. However, he later clarified that he had not spoken to Trump directly, but simply passed on information from his sources.

These tweets caused a stir around DJT, which has the same name as the stock ticker of Trump’s company, Trump Media and Technology Group. According to DEX Screener, at 10:30 p.m. on June 17, DJT’s market capitalization instantly reached more than $ 5 million. DJT has risen by over 1451% in the last 24 hours.

The news sparked a debate in the cryptocurrency community. Tommy Shaughnessy, co-founder of Delphi Digital, advised users to be careful. He suggested that the Pirate Wires account could have been hacked and that DJT could be a scam.

In addition, Shaughnessy drew attention to several «red flags» associated with the DJT token. These include the absence of a closed liquidity pool, funding from KuCoin, and a high concentration of tokens among top holders.

«Doesn't Trump want to be the first to take responsibility and tweet about it? Not a chance. I’m leaning toward fraud,» Shaughnessy wrote.

Blockchain data provider Bubblemaps shared its internal analysis. Its research shows that 67% of DJT’s supply is in one cluster.

Despite the skepticism, some members of the crypto community believe that DJT could be the official Trump token. They argue that the distribution of tokens is in line with Trump’s potential strategy of directly accumulating supply and selling small batches. However, they acknowledge that a 10 billion token supply is unusual for Trump, who might have preferred a smaller, more valuable supply.