Trump Coin ($DJT) is a memecoin launched on the Solana blockchain on June 18, 2024. At this time, there is no official confirmation linking the former US President, Donald Trump to the coin. ^[1]

Overview

On June 17, 2024, there were claims from Pirate Wires about Trump officially launching $DJT on Solana supposedly spearheaded by Barron Trump, the former president's son. ^[2]

Tom Shaughnessy of Delphi Ventures pointed out multiple red flags, such as the lack of a locked liquidity pool and the unusual funding patterns. He strongly suggested,

“So the new DJT Coin – LP is not locked, funded from ), not a standard contract, single source pirate wires, top owner concentration 67% – Build the wall to prevent selling – Trump doesn’t want to be the first to take credit or tweet about it etc? No shot. I lean scam,” suggesting a lack of trust in its setup.

Blockchain analytics firms like Bubblemaps also raised alarms. A disproportionate amount of the token’s supply, 67%, is concentrated in a single cluster, with the largest holder being Raydium Concentrated Liquidity, controlling 43% of the supply. Such a concentration in ownership typically suggests potential for market manipulation or a lack of a decentralized consensus mechanism, undermining the ethos of blockchain transparency and trust. ^[2][4]

Bitcoin Magazine CEO and Trump’s Bitcoin advisor David Bailey tweeted:

“If the DJT Solana memecoin is fake, whoever propagated that needs to be tarred and feathered and chased out of our industry for good. This is how you make the whole industry look back and signal to the President and his team we’re a liability not an asset.”

The introduction of DJT has had a notable ripple effect across other Trump-related memecoins. The TRUMP token (MAGA), associated with Trump’s “Make America Great Again” campaign, witnessed a 55% price drop at one point. Other smaller memecoins, such as TROG, a coin featuring a frog in a MAGA hat, also saw declines. The Solana-based Donald Trump (TREMP) memecoin fell 36.8% from $0.95 to $0.60 in a similar timeframe before rebounding to $0.76 as of June 18, 2024. ^[1][2]

Owner Claim

On June 18, 2024, Martin Shkreli, also known as "Pharma Bro," claimed he and Barron Trump created the DJT token after initially denying involvement. “I have 1000 pieces of evidence I created it with Barron,” Shkreli wrote to blockchain sleuth ZachXBT in a direct message posted by the latter. He confirmed the same in his X Spaces podcast shortly after. ^[5]

The claim was motivated by a bet put out by anonymous and influential crypto trader GiganticRebirth, popularly known as GCR, who called out Trump’s supposed involvement in the token. He put up $100 million in a bet against Trump having to do anything with the project. ^[5]

“The only way this is 'real,' is if Donald J Trump himself, says he launched a meme coin himself,” GCR posted. “I'm well aware there is a cabal strategy to bribe people in the Trump orbit to pretend they had something to do with this when in reality a cabal of crypto whales did a presale and allocation to KOLs.”

Hours following GCR’s post, on-chain intelligence firm Arkham posted a $150,000 bounty that would pay out the amount to whoever unveiled the creator of the DJT token. This drew ZachXBT to submit his findings to Arkham. Shkreli’s messages to Zach and his X spaces came subsequently afterward. ^[5]

On June 20, 2024, Watcher Guru reported that "Donald Trump's former advisor says Donald Trump and his son haven’t launched a memecoin." ^[6]

Trump Media to raise $2.5 billion to invest in Bitcoin

In May 2025, Trump Media & Technology Group (NASDAQ: DJT), the parent company of Truth Social, announced plans to raise approximately $2.5 billion to invest in Bitcoin. The fundraising strategy includes $1.5 billion from stock sales and $1.0 billion through convertible notes issued at a 35% premium.

The company intends to hold Bitcoin alongside its existing cash and short-term investments, totaling $759 million as of the end of the first quarter. Custody of the digital assets will be managed by Anchorage Digital and Crypto.com. CEO Devin Nunes described Bitcoin as an "apex instrument of financial freedom" and stated that the move aligns with the company's "America First" principles. ^[7]

This initiative is part of Trump Media's broader strategy to diversify its revenue streams by expanding into financial services. The company is developing crypto-related retail investment products, including exchange-traded funds (ETFs). The Trump family's increasing involvement in the cryptocurrency industry encompasses ventures in NFTs, meme coins, a Bitcoin production firm, and a cryptocurrency exchange. However, these developments have attracted regulatory scrutiny, with Senator Elizabeth Warren questioning the oversight plans for Trump Media’s upcoming ETFs. ^[7]

Following the announcement, Trump Media's stock experienced a decline, with shares closing down approximately 10%. This market reaction reflects investor concerns regarding the company's strategic shift into the volatile cryptocurrency sector. ^[8]