Prominent cryptocurrency trader Sistine Research sees Maga Memecoin TRUMP/USD as significantly undervalued, despite its decline following the launch of the TrumpCoin DJT token.
What Happened: Sistine Research expressed his belief that TRUMP is still undervalued, as the newly-launched DJT token is declining. The trader also mentioned the upcoming Trump/Biden debate, the Ethereum ETF and the possibility of local lows for Bitcoin and Ethereum as bullish factors. The tweet also noted that GCR, a prominent crypto whale, is the largest holder of TRUMP.
Read Also: Bitcoin Whales Unload Over $1B In Shift Towards AI
The DJT token, a Trump-themed Solana meme coin, experienced a sharp sell-off following a sudden rise in its trading volume and price.
Why It Matters: The decline of the DJT token comes as former President Donald Trump becomes more vocal in support of cryptocurrencies.
The legitimacy of the DJT token was debated among cryptocurrency traders and observers. Disgraced businessman Martin Shkreli admitted to creating the token, allegedly in cooperation with Trump’s son Barron Trump.
Read Next: Biden Admin Officials, Mark Cuban To Attend Crypto Roundtable In July
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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