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.
Anthony Pompliano hails VanEck‘s move to launch a spot Solana ETF, signaling a significant shift on Wall Street toward alternative cryptocurrencies. This proposal arrives shortly after the SEC’s nod to spot Bitcoin ETFs, suggesting a growing acceptance of digital assets beyond the traditional stalwarts.
Wall Street Grows Keen on Altcoins
As VanEck introduces its Solana Trust, Wall Street’s enthusiasm for cryptocurrencies is expanding. By offering direct exposure to Solana, the fund taps into the recent SEC approvals for similar Bitcoin (BTC) and spot Ethereum ETFs. The VanEck Solana Trust plans to value its shares daily based on prices from select trading platforms. Anthony Pompliano, a well-known figure in cryptocurrency circles, argues that this move exemplifies the broader acceptance of altcoins in major financial markets.
Despite the optimism, regulatory challenges remain a concern. Bloomberg’s ETF analyst James Seyffart cautions that while the filing has been made, the absence of a formal 19b-4 filing suggests a potential launch date by mid-March 2025. This timeline reflects the intricate dance between innovation and regulatory compliance, indicating that patience is required while the wheels are in motion.
The proposal has sparked a mix of reactions among industry experts. Anthony Pompliano views the ETF as proof that altcoins are becoming a staple on Wall Street, potentially making public markets more volatile and risky. This perspective aligns with a broader view that institutional interest in digital assets is diversifying beyond Bitcoin and Ethereum.
Contrarily, some voices in the industry express skepticism. For instance, a user known as @AlyseKilleen shared on social media that the sentiment toward altcoins might wane among NYC financial circles. She notes that ARK Invest’s shift from an Ethereum ETF could signify a broader reevaluation of the enthusiasm for altcoins. This divergence of views underscores the complex and evolving narratives surrounding cryptocurrency investments.
Solana Network Reaches $4 Billion Value Locked
The Solana (SOL) network currently boasts nearly $4 billion in total value locked. This robust activity, coupled with a similar scale in its stablecoins market cap, attracts a growing number of developers and projects. Such metrics highlight Solana’s strong position in the cryptocurrency landscape.
Further bolstering the credibility of altcoins, the US SEC recently announced that it would no longer pursue investigations into Ethereum for securities law violations. This development is likely to impact the regulatory environment for other cryptocurrencies, including Solana, suggesting a possible smoother path forward for similar initiatives.
Also Read: Wormhole Integrates World ID on Solana With New Grant
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.
Binance cryptocurrency exchange will revise its fee structure effective July 1. This marks a significant shift away from the favorable conditions previously offered to prime brokers, potentially redirecting traders directly to Binance’s platform.
Binance Revises Fee Structure for Prime Brokers
Under the new fee structure, Binance will adjust the privileges that prime brokers once enjoyed through the Link Plus program. This program previously allowed brokers to offer reduced trading fees based on aggregated trading volumes, thereby securing more attractive rates for their clients than based on individual trading volumes alone. This change aims to streamline trading fees, which could diminish the competitive edge brokers held and encourage traders to deal directly with Binance.
Furthermore, the modification in fee structure is expected to impact brokers like Bequant, which had integrated the favorable fee tiers into its business model. Now, these brokers might have to reassess their strategies as their ability to offer lower fees was a key component of their appeal to traders.
Also Read: TRON Founder Justin Sun Dumps 173M TRX To Binance, Price Dip Ahead
Firm Acts Against User Account Misuse
Additionally, the exchange has announced a series of measures intended to enhance the security and integrity of its trading platform. The firm has implemented new initiatives to thwart misuse and ensure compliance with its standards. These changes underscore Binance’s ongoing commitment to safeguard user transactions and maintain a secure trading environment.
The company has also taken action against specific exploitations where users have manipulated account features to gain undue advantages, such as superior fee rates or higher API limits. By closing these loopholes, the cryptocurrency exchange reinforces its dedication to fair and secure user trading conditions.
In line with its efforts to comply with global regulations, Binance has been actively securing necessary certifications and licenses. A notable step in this direction is the recent acquisition of the Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). Following this, Binance introduced procedures on June 26 for UAE residents to transition their accounts from the global Binance exchange to the Binance FZE exchange. This move aligns with regulatory requirements and localizes Binance’s services to meet specific regional standards.
Also Read: Bybit Sees Heavy Executive Restructuring Post Notcoin Saga: Report
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.
Solana (SOL) is soaring above the crypto market following an ETF application filed by asset manager VanEck to the Securities and Exchange Commission (SEC). The wider crypto market marked slight gains today as bulls attempt to recover lost ground. While the market is up 0.67% to a market cap of $2.29 trillion, Solana has soared almost 7%.
The impact of ETFs on the market has changed the narrative across social media spaces today as sentiments flip for Solana. This comes after a series of negative day trading that wiped out a chunk of the wider market. Bitcoin and altcoins slumped in value, trading below $61,000 before the recent rebound.
Solana Regains Momentum
Solana price has gained traction in the last 24 hours with holders anticipating a surge past the $150 resistance level. At press time, SOL trades at $147.9, a 6.8% surge today while the weekly number pierced double digits at 10%. However monthly figures are at 12% lows following previous bearish sentiment.
The market fall saw the prices of altcoins hit lows not recorded in several months but increasing market activity coupled with industry developments are changing the tide for Solana. SOL’s volume is up 35% to $2.6 billion as bulls project a wider jump over the next resistance level.
Prices of other altcoins also jumped today with top coins posting between 0.50% and 3% gains. Similarly, decentralized finance (DeFi) tokens also saw price gains.
ETF To Sustain SOL Rally
Crypto ETFs are perceived as a bullish pointer due to the inflows of traditional investors to the asset. The launch of spot Bitcoin ETFs changed the narrative as BTC prices soared to an all-time high above $73,000. As volumes increased, traditional investors increased their appetite and turned to Ethereum ETFs which are expected to list this year. Solana-based products will change the narrative for the asset leading to new highs as sustained growth.
Also Read: Bitcoin Inflows: Will BTC DIP Below $60K Again?
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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