An unsubstantiated report that former President Donald Trump is launching an official cryptocurrency has sent that token sky-high while other political-based memecoins have taken a dive.

The X account for publication Pirate Wires wrote Monday night in a post on X that "per conversations," Trump was launching an "official token" with the ticker DJT and that the project was spearheaded by "Barron," presumably referring to the president's youngest son.

The Block has reached out to the Trump campaign and the Trump Organization for comment but did not hear back as of publication time.

Almost immediately, many users thought the X account was hacked, particularly after its editor-in-chief, Mike Solana (no connection to the blockchain platform), replied to the post with the contract address. …