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Controversy Surrounds Alleged Trump-Linked DJT Memecoin on Solana, Surges 180%

Jun 17, 2024, 11:29 PM

The crypto community is abuzz with controversy surrounding the launch of a new memecoin allegedly linked to former U.S. President Donald Trump. The token, DJT, was minted on the Solana blockchain and has seen a significant price surge, rallying as much as 180% following unconfirmed reports of Trump's involvement. However, skepticism abounds as the token's legitimacy is questioned due to several red flags. Notably, 67% of the token's supply is concentrated in one cluster, and the liquidity pool is not locked. Additionally, the token features a custom function called 'build_the_wall' that can halt trading at any time. The lack of any official statement from Trump and the unusual distribution strategy further fuel doubts. The token's liquidity pool is notably low at $5, and it was created on April 22 with a total supply of 9.9bn tokens. The situation has led to a broader discussion about the risks and volatility inherent in political memecoins.