Altcoin
Solana Meme Coin DJT Unlikely To Be Launched By Donald Trump
The cryptocurrency world is abuzz with speculation about a new token named “Trump Coin,” launched on the Solana blockchain under the symbol “DJT.” Despite the hype, evidence suggests that the token is not officially linked to former President Donald Trump.
Solana Meme Coin DJT Sparks Insider Trading Concerns
The DJT token’s creation coincides with Trump’s ramped-up campaign efforts for the upcoming presidential election in November. The stock symbol “DJT” is already known as the ticker for Trump’s social media platform, Truth Social, which has experienced meme stock popularity.
However, Polymarket, a prediction market platform, places the probability that DJT is not an official Trump token at 80%. Approximately $400,000 has been wagered on this bet, indicating significant interest and skepticism within the crypto community.
Bubblemaps, a blockchain tracking service, cast doubt on the token’s authenticity. They tweeted, “No way $DJT is actually from Donald Trump. 67% of the supply in one cluster.” Moreover, Bubblemaps warned investors from considering investment in the DJT meme coin on Solana.
In addition, they added, “Important complementary info: Holder #1 is Raydium Concentrated Liquidity with 43% of the supply. 46% of the supply is held by one cluster, with AxJcErA5 sending $DJT to 140 wallets.”
Lookonchain, another blockchain analytics firm, provided more insights. They reported that a new wallet, possibly linked to an insider, spent 1,363 SOL (around $188,000) to purchase 52.09 million DJT tokens before the news of Trump’s supposed token launch.
Thereafter, following the news, this wallet withdrew another 1,000 SOL (approximately $138,000) from Binance to buy an additional 6.62 million DJT tokens. Currently, this wallet holds 58.71 million DJT, valued at $1.56 million, making it the third-largest holder of DJT.
Also Read: TRUMP Whales Offload 473K Tokens, What’s Happening?
Trader Makes Massive Loss In Just A Minute
In a previous report, Lookonchain highlighted the volatile nature of the token. They detailed the case of an investor who spent 2,500 SOL (about $342,100) to buy 91,705.6 DJT but managed to recoup only 4.91 SOL ($673) when they sold. The investor faced a staggering loss of $341,400 in “less than a minute.”
The frenzy began when Pirate Wires, a news outlet, declared, “Per conversations, Trump is launching an official token — $DJT on Solana. Barron spearheading.” This message triggered significant attention and speculation as the token launched on Tuesday, June 18.
Despite the initial buzz, various experts and analysts remain doubtful about the token’s legitimacy. Moreover, the concentration of DJT tokens in a few wallets and the behavior of early buyers suggest that the token may be a speculative play rather than an official project endorsed by Trump.
Also Read: MAGA Price Prediction: What’s Escalating TRUMP’s 40% Drop
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto analyst Ali Martinez has noted key support levels for Cardano (ADA) price between $0.67 and $0.80. He emphasized their role in sustaining the current bullish trend. According to Martinez’s analysis, these levels have historically acted as both resistance and support for the altcoin. The repeated interaction with this range indicates its significance in determining ADA price direction.
Key Support Levels for Cardano Price Stability
In a post on X, Ali Martinez highlighted that Cardano price has repeatedly tested the $0.67–$0.80 range. This zone has provided stability for ADA, preventing further declines and acting as a foundation for bullish movements.
Historical price movements suggest that this support area has been critical during both uptrends and corrections. The ability of ADA to hold above this range signals strong buying interest.
Recent market data indicates that ADA remains within this support range, maintaining its position despite market fluctuations. If buying pressure persists, Cardano price could establish a stronger footing and attempt an upward breakout.
Meanwhile, Grok 3 AI highlighted Cardano’s strong decentralization as a driving force behind its potential rally to $5-$6 in this bull cycle. If Cardano price can break key resistance levels, it may gain the bullish momentum needed to reach these ambitious price targets.
Technical Indicators Suggest Growing Buying Pressure
Cardano price is about to cross the 20-day Exponential Moving Average, a significant indicator for short-term trend identification. The 20 EMA acts as a support level and a breakout above it may indicate a rally for the altcoin.
Supporting the bullish sentiments, the 1-day Moving Average Convergence Divergence indicates Cardano price is holding above key support levels, providing a foundation for a altcoin rally.
More so, the MACD line is above the signal line, signaling a bullish crossover. If ADA maintains its position above $0.75 and builds on this momentum, it will break the $0.80 resistance and push higher in the short term.
Furthermore, there is the Parabolic Stop and Reverse (SAR) indicator whose dotted lines are placed below Cardano price, which is common in an upward trend. This suggests that ADA price has found a strong support base, further reinforcing the likelihood of an upward move.
ADA Price To $1?
If Cardano price remains above the key support range of $0.67–$0.80 and manages to break above resistance levels, analysts project a potential rally toward $0.94. A successful test of this price point could pave the way for ADA to revisit the $1 mark.
Conversely, if ADA fails to sustain support above $0.67, selling pressure could increase, driving the price lower. In such a scenario, the next key support level would be around $0.54, where buyers might re-enter the market.
Moreover, another analyst shared the bullish sentiments, emphasizing that ADA price movements suggest a potential breakout. The expert highlighted that if Cardano surpasses the critical resistance at $0.9837, it could pave the way for a rally toward $1.35.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The price of XRP lost its edge earlier when it failed to retain the $2.6 support level despite a positive update from the US Securities and Exchange Commission (SEC). Notably, the pro-crypto stance of the Mark Uyeda-led SEC has ignited a possibility of XRP benefitting uniquely. Per the current trend, investors wonder if the coin could hit a $300 price target in the long term if the US SEC drops the XRP lawsuit.
Is Ripple versus US SEC Lawsuit Suppressing XRP Price?
In a recent update, Coinbase revealed that the SEC staff has agreed to drop its lawsuit, pending potential approval by the agency’s commissioners in the coming week. By a large margin, the Coinbase versus SEC lawsuit is considered the second biggest after Ripple Labs.
Though similar, the Ripple lawsuit has advanced much more, with the end close as predicted. Gary Gensler fanned the lawsuit, alleging that XRP is a security when sold to the public, significantly impacting the price.
Like Coinbase, there is speculation that the US SEC will dismiss its Ripple lawsuit appeal. If this happens, the price of XRP is expected to rise dramatically.
Is XRP Price to $300 Feasible?
In recent times, analysts have issued massive projections regarding the XRP price. As reported earlier by CoinGape, market analyst XRP Captain predicted that the XRP price could rally to $250 between now and 2026.
While analysts justify this projection based on the current trend within the Ripple ecosystem, the economics presents a different picture. With XRP having more than 57.89 billion circulating supply per CoinMarketCap data, a $300 target will give it a valuation of $17.367 trillion for the coin.
This fund is way bigger than the crypto industry, which is only worth $3.17 trillion, with Bitcoin dominating. However, this does not discount the likelihood of a massive rally if the lawsuit ends.
The XRP ETF Advantage
Meanwhile, the Ripple ecosystem has continued to expand at a unique pace. More than four asset managers are seeking approval to offer XRP ETF products to institutional investors. Canary Capital, Bitwise, and CoinShares are some of the firms pushing for this new product.
With a 65% odds of approval, the community is somewhat pricing in this product already. With the likelihood of a new capital influx, the expectation is that the XRP price will benefit immensely in the long term.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
After registering a trust in Delaware in preparation for a potential Solana (SOL) exchange-traded fund (ETF) in the United States last week, Franklin Templeton has formally filed an S-1 registration statement with the Securities and Exchange Commission (SEC).
This move comes as part of the company’s effort to launch a spot Solana ETF, following the growing interest in digital assets and cryptocurrencies within institutional investment circles.
Franklin Templeton Files S-1 To Launch Spot Solana ETF
Franklin Templeton, a major global asset management firm with over $1.46 trillion in assets under management, has entered the competition to launch a spot Solana ETF.
The company’s S-1 filing with the US SEC is a significant development, as it positions itself alongside other notable firms seeking to capitalize on the growing interest in Solana. The firm has created a specific trust in Delaware, named the Franklin Solana Trust, to facilitate the launch of the ETF.
The submission of the S-1 filing signals Franklin Templeton’s commitment to bringing the Solana ETF to market. This filing comes after the SEC has acknowledged similar filings from other firms, such as Canary Capital, Grayscale, and Bitwise.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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