TrumpCoin (DJT) Surges 55% Following the Announcement of Donald Trump’s Participation in the Bitcoin 2024 Conference

The announcement propelled the token's price by over 55% while other Trump-inspired memecoins increased by nearly 20%.

The price of TrumpCoin (DJT) soared on Wednesday after news broke that Donald Trump will be speaking at the Bitcoin 2024 Conference.

The announcement saw the token’s price increase by over 55%, while other Trump-inspired memecoins also saw gains of nearly 20%.

Trump was announced as a keynote speaker at the Bitcoin 2024 Conference on July 10. The conference will be held in Nashville, Tennessee, from July 25 to 27.

Along with Trump, other speakers at the event will include crypto-friendly Independent presidential candidate Robert F. Kennedy Jr. and former pro-crypto Republican candidate Vivek Ramaswamy, who will both be speaking as keynotes.

“July 27th we change the course of history,” David Bailey, the CEO of Bitcoin Magazine, the organizer of The Bitcoin Conference, wrote in an X post about the news.

The news of Trump’s involvement in the event was met with enthusiasm by many in the industry. However, other industry members and investors questioned Trump’s intentions.

CryptoQuant CEO Ki Young Ju took to X to question whether the former US president’s efforts were genuine, asking:

“Is this a strategy to gain votes, or is it a genuine effort to make the United States a Bitcoin nation? Anyone?”

Despite the skepticism, the news appeared to be met with optimism by the crypto community, as Trump-inspired tokens soared last night.

TrumpCoin’s price reacted quickly to the news, surging by 55%. The token hit the $0.013 resistance level for the first time since June 27, according to DexScreener data.

DJT saw a controversial launch nearly a month ago, with online reports claiming that TrumpCoin was the “official” Trump token. This led to a mass sell-off of most Trump-inspired memecoins, causing them to crash by around 30%.

At the time, Martin Shrekli, also known as “Pharma Bro,” claimed that the token was officially affiliated with Trump’s camp. Shrekli claimed that Barron Trump, the son of the former US president, was closely involved with TrumpCoin.

However, it was later revealed that Shrekli was behind the token. Crypto sleuth ZachXBT uncovered the scheme on X, revealing the truth before Shrekli went on to admit his involvement in an X Space.

Since then, DJT’s price has seen a descending trajectory. The token has seen a 33% decrease in the last two weeks. However, it registers a 10% increase from its price 24 hours ago, currently trading at $0.0086.

Other Trump-inspired memecoins also surged after the news. MAGA (TRUMP) rose from the $5.74 to the $6.54 price range in the following hours.

The price action saw the token register a 15% and 39.5% surge in the daily and weekly timeframes, respectively.

Similarly, MAGA Hat (MAGA) saw a 20% price increase, going from trading at $0.00015 to $0.00018. MAGA’s performance saw a 50% increase from its price a week ago.