TrumpCoin (DJT/USD) Continues to Stir Debate Among Cryptocurrency Traders and Observers

Opinions differ on whether the former President is really behind the launch.

A new cryptocurrency, dubbed TrumpCoin DJT/USD, has emerged, sparking heated discussions and diverse opinions among traders and observers. The cryptocurrency is linked to former President Donald Trump, and its launch has been shrouded in mystery. Some believe that Trump is genuinely involved in the launch, while others are skeptical and suspect a scam.

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What Happened: A new wallet, identified by Lookonchain data, purchased 52.09 million DJT tokens using 1,363 Solana (SOL/USD), amounting to approximately $188,000. The wallet, which could belong to an insider, made the purchase ahead of the announcement of Donald Trump's alleged official token launch.

After the news broke out, the same wallet withdrew an additional 1,000 SOL (about $138,000) from Binance to acquire 6.62 million more DJT tokens. At present, the wallet holds 58.71 million DJT tokens, valued at $1.56 million, making it the third-largest holder of DJT.

The wallet's significant accumulation of DJT tokens before the official announcement suggests that the wallet owner may have had prior knowledge of the token launch. If this is the case, it could potentially be a case of insider trading.

Crypto trader Jake Gagain noted that a 1% tax on the DJT token goes directly to campaign funds. He stated, "It’s next-level fundraising & Trump would raise hundreds of millions of dollars from the launch."

Also Read: ‘Trump Coin’ DJT Allegedly Tied To Donald Trump Causes Havoc, Other Trump Meme Coins Plummet 30%"

Why It Matters: Despite the excitement surrounding a crypto linked to former President Donald Trump, some traders are expressing skepticism and highlighting red flags. Crypto trader WazzCrypto is among those who have voiced doubts about the DJT token.

Highlighting several questionable actions and characteristics associated with the coin, WazzCrypto describes the token as one of the "most weird grifts so far." Among the red flags that he points out:

* The token was leaked by a non-crypto news site.

* The contract address was posted in a suspicious manner.

* The liquidity of the token was left unlocked.

* The token was funded from Kucoin, which is not accessible to traders in the United States.

* The correct pool for the token was only functional on Dextools and a few other platforms.

* Other Solana insiders confirmed the scoop, suggesting they might have been in on the coin, which was about 20 days old at the time.

The traders' comments further emphasize the謎 and controversy that can surround a token linked to a high-profile figure like Donald Trump, highlighting the largelyunpredictable nature of the crypto space.

What’s Next: The influence of Bitcoin as an institutional asset class will be a key topic explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Crypto Allegedly Associated With Donald Trump Shoots Up To $150M In Market Cap — A New Strategy For The Presidential Race?This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image created using artificial intelligence with Midjourney.

News source：https://www.kdj.com/cryptocurrencies-news/articles/trumpcoin-djtusd-continues-stir-debate-cryptocurrency-traders-observers.html

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