New Trump Token Dominates, Chaos Ensues

Plus maybe don't check NFT or memecoin prices today 🙈

TylerD

Jun 18, 2024

TylerD's Market Summary

GM!

Today's top news:

Trump token DJT soars 500% to $250M mc, causes chaos
Coinbase intros Pre-Launch Markets starting with $EIGEN
Tether launched a new stablecoin aUSD pegged to the dollar but backed by gold
ETH NFTs plummet as top farmer pulls bids
Blast hits ATH in txns and fees, passes Base

💸 Did Donald Trump Launch A Memecoin?

Chaos broke out in the memecoin market yesterday evening.

After reports that a Trump-backed memecoin had launched with the help of Barron Trump.

Now 12 hours later it's still unclear how "real" the story is.

But the question has become - does it matter?

What Happened?

At 6 pm ET last night, Pirate Wires posted the following:

"Per conversations, Trump is launching an official token — $DJT on Solana. Barron spearheading."

Pirate Wires' editor-in-chief Mike Solana then replied with a contract address pointing to the DJT token on Solana.

This news spread like wildfire, with many notable figures reposting it, some asking if it was real or if a hack had taken place.

While others simply bought the token, which began to soar.

It went up 150% in the first hour or so after the news broke, then fell, then soared overnight reaching $375M at peak ($250M this morning).

On a whopping $360M in trading volume.

The token has since been listed on 5 different exchanges.

So is it real?

The factors at play that made this look suspicious yesterday evening:

Mike Solana replying with a contract address to a news story (not typical for an editor, a potential sign of a hack, though it didn't seem to be the case)
The fact that the token launched back in May and wasn't a new launch
Bubble Maps showing that a single cluster held 67% of the tokens
The funding wallets pulled from Kucoin (blocked for U.S. residents)

That combination of factors, plus the general stealth launch style, led many to believe this couldn't possibly be the real Trump token.

But again - does it matter?

Market Impact

DJT has clearly soared, jumping 500% to a $255M market cap.

The other Trump-related tokens however - those got beaten up.

TRUMP -31% to $335M
MAGA -8% to $78M
TREMP -40% to $56M
boden -25% to $75M

The takeaway here is clear.

If Trump does launch a token, or if DJT is confirmed to be it - it likely spells doom for the other Trump-related tokens.

And perhaps for many others in the broader memecoin market.

The token would become a surefire bet for many, likely leading to liquidation of other tokens for more Trump token ammo.

Time to start preparations for this scenario, with more and more reports coming out that Trump is indeed considering launching a token.

At this point in the 2024 meme cycle - I'd be more surprised if he doesn't...

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

ETH led NFT trading volume with $7.3M on the day; Polygon was next with $4.5M and then BTC & SOL with $2.65M & $2.45M
ETH NFT leaders were very red after the top Blur farmer CBB pulled his bids; BAYC -11% to 9.2 ETH, Pudgy -18% to 8.36 ETH, Azuki -5% to 3.49 ETH; Milady were the top outperformer even at 4.74 ETH
A CryptoPunk sold for 25 ETH, marking its new lowest local sale in years (the floor is now 26.5 ETH or $90,000)
Bulls On The Block & Treeverse were top movers on the day
BTC NFT leaders were very red as well; NodeMonkes -7% at 0.192 BTC, Puppets -16% at 0.111 BTC, OMB -4% at 0.235 and Quantum Cats even at 0.26
The Runes board was red with DOG -8% ($615M mc) and RSIC -14% ($142M), though BILLION DOLLAR CAT jumped 10% to $58M
Solana NFTs chopped; Mad Lads +1% at 67 SOL, SMB Gen 2 even at 25, DeGods even at 22
Doodles announced a major move to Base for its Doodles Stoodio, citing its fast and cheap transactions as well as getting closer to their core user base which resides on ETH (Base is an ETH L2)

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token or airdrop news from the day:

Blast has hit new ATHs in daily transactions as well as user fees in the past 24 hours, including flipping rival L2 Base in the process
The ZK token airdrop went live with severe issues for the chain, holding at $5.25B FDV one day post-launch
Fantasy Top launched its latest round of Main Tournaments with 1M Blast Gold up for grabs, along with new insight into its scoring algorithm
The $ANDY token has nearly flipped $PAC on Blast, now neck and neck at $33M mc and $34M
NFTfi introduced its Earn Season 4, with up to 9.38x boost for lending and borrowing activity
Wasabi announced a $3M raise in its latest seed round led by Electric Capital and with contributions from several notable investors

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

Crypto majors are red this morning; BTC -1% at $65,400; ETH -3% at $3,420, SOL -4% at $137
Memecoin majors are more red with DOGE -10%, PEPE -9%, WIF -14%, BONK -11%
New dog memecoin BILLY soared 95,000% on Monday to a $55M+ mc (now $36M)
The SEC's head of crypto announced his resignation on LinkedIn early Monday morning
The Biden admin will attend a Bitcoin roundtable in Washington D.C. in early July, along with Republican Congressmen, Mark Cuban and more
Coinbase announced Pre-Launch Markets (now the first major CEX to have this product), where users will be able to trade token perps based on an index price of the 4-hour exponential moving average pre-launch; $EIGEN to be first token
Tether dropped a new stablecoin (aUSDT) which will track the US Dollar but will be backed by overcollateralized gold reserves rather than U.S. Government debt
GameStop stock plummeted 12% Monday as the shareholder meeting had no mention of RK; $GME on Solana falls 29% to $60M
Ethena announced new restaking modules for $ENA and sUSDe along with new pools within Symbiotic

🚀 Memecoin Movers

$DJT (+500%, $255M market cap, SOL)
$BILLY (+230%, $34M market cap, SOL)
$STONKS (+30%, $14M market cap, ETH)
$ANDY (+5%, $33M market cap, Blast)
$MEW (+5%, $397M market cap, SOL)

📈 NFT Floor Price Increase (ETH)

Bulls On The Block (150%, 0.05 ETH Floor)
Kart Party (43%, 0.5 ETH)
InfiniGods (33%, 0.19 ETH)
Nouns (32%, 6.6 ETH)
Treeverse (22%, 0.3 ETH)

🗓 Upcoming NFT Mints and Reveals

Today is a busier day of mints, mostly in the art sector.

john gerrard is doing a drop with Feral File, Max Jackson is the Onchain Summer artist on Prohibition and Whitters is doing a drop on Bitcoin.

See the full list and dive in for more details with Swizzy's daily mint monitor.

Tribally (9:00 a.m. ET)
Quacks (11:00 a.m. ET)
Whitters - ordAR (12:00 p.m. ET)
Max Jackson x Prohibition - Onchain Summer (12:00 p.m. ET)
john gerrard - Crystalline Work (12:00 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.warner@luckytrader.com.