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Solana's Trump Token Turmoil

Weekly Recap: Crypto obsesses over DJT, airdrops arrive amid L2 dump.
David C David C Jun 22, 20243 min read
Solana's Trump Token Turmoil

1️⃣ Trump Team Avoids DJT Saga

After a week of Crypto Twitter playing whodunnit, the DJT edition, Trump's camp appears to be denying any involvement with DJT, the Trump-themed memecoin on Solana. Confirmed DJT creator Martin Shkreli continues to assert he collaborated with Barron Trump to create DJT, posting screenshots of their messages and calling for a $100M bet that the campaign would publicly confirm their involvement. But it appears he's either been lying the whole time or is being left hanging out to dry by Trump's legal team. Amid all the drama, DJT had initially spiked to a $465M market cap but had dropped to a $100M market cap as of Friday.

2️⃣ Major Airdrop Updates

It’s been an especially big week for airdrops.

  • ZK: On Monday, claims for ZKsync's ZK token went live, initially trading at ~$0.22. ZK's market cap started at $835M, with a $4.7B FDV — which many believed to be undervalued. Twitter sentiment was positive, though this hasn’t stopped the token from slipping to $0.18 as of Friday, bringing it to a $3.8B market cap.
  • ZRO: Thursday saw LayerZero's airdrop go live with initial use claims comprising 8.5% of the total ZRO supply. While the airdrop packed a strong stimulus, its mandatory donation, where users had to donate $0.10 per token claimed, did cause some frustration.
  • EIGEN: EigenLayer opened the second phase of its first season stakedrop, targeting LRT and Pendle users who restaked before the March 15 snapshot. Those eligible can claim until September 7, 2024, with 100 EIGEN bonus tokens distributed based on interactions with EigenLayer. The first season distributed nearly 113M EIGEN tokens, with transfers expected by September 2024. Details on season 2 will be released soon.

3️⃣ SEC Drops Investigation into Consensys

This week, the SEC ended its investigation into Consensys and Ethereum 2.0. Despite the agency backing down, Consensys announced it would not be ending its lawsuit against the agency, which was filed over clarity on ETH’s asset classification.

4️⃣ CFTC Investigates Jump Trading

The CFTC is reportedly investigating investment firm Jump Trading's crypto activities, both trading and investing. While this probe is part of a broader regulatory push by the CFTC and SEC to scrutinize crypto entities, Jump was previously implicated in the TerraUSD de-peg case and made $1.28B as the ecosystem collapsed but faced no charges. As of now, the current investigation does not imply wrongdoing.

5️⃣ TON Hits ATHs Amid Downturn

While the rest of the market slumps, TON hit new all-time highs and flipped DOGE in market cap. On the back of surging activity around gaming titles, Pantera Capital announced on Friday they were raising funds for "Pantera TON Investment Opportunity" to further invest in TON, following their largest-ever investment in the network just two months ago. Interested in testing it out? Dive in here for places to get started on the network.

David C

Written by David C

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David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.

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