Bittime - In a surprising development, the cryptocurrency market was shaken by rumors that former US President Donald J. Trump may support the DJT token. This unverified claim, if proven true, would be the first time a presidential candidate from a major political party has created a cryptocurrency. Currently, the authenticity of this claim remains highly doubtful.
DJT Token Sharp Increase
The DJT token, which launched two months ago on the Solana blockchain, surged 180% on Monday following a post from Pirate Wires, a media outlet known for its critical stance on San Francisco Bay Area politicians, irreverent sound bites, and optimistic outlook about technology. Pirate Wires announced on X (formerly Twitter) that Trump was allegedly launching an official token, with his son Barron allegedly leading the project.
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Confirmation from Mike Solana Regarding the Sharp Increase in DJT Token
Mike Solana, Chief Marketing Officer of venture capital firm Founders Fund and editor-in-chief of Pirate Wires, provided a smart contract address in response to the tweet, indicating a $177 million market cap for the token at press time. Despite the excitement, Solana clarified that he had not communicated directly with Trump and that the token's validity could still be denied or changed by Trump himself.
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Impact on Other PoliFi Tokens
As a result of this news, other PoliFi tokens associated with Trump's name experienced significant losses. According to CoinGecko data, the original Trump token, which previously reached a market cap of more than $370 million, fell 30%. Additionally, the Tremp token, a satirical mash-up of Trump and Donald Duck, plunged more than 40%, while the Biden-themed token Boden saw a 30% drop.
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Steven Steele Reacts to DJT Token Raise
Steven Steele, marketing director for Trump token PoliFi, expressed his frustration, describing the situation as a “greedy psy operation” targeting their tokens. Steele communicated his concerns via Telegram message to CoinDesk.
Lack of Confirmation from Trump Campaign
The Trump campaign has not commented, and Trump himself has not mentioned the token on his TruthSocial platform. This lack of confirmation led to widespread skepticism in the crypto community. Ryan Selkis, founder of data provider Messari and a well-known Trump supporter, estimated a 50-50 chance that the token was genuine or a potential scam.
On Polymarket, a crypto-based prediction market platform, the odds of Trump launching a token by the end of the week were calculated at just 7%.
Martin Shkreli's involvement with DJT Token
Adding to the intrigue, crypto investigators on Twitter identified a connection between the DJT token and convicted pharmaceutical executive Martin Shkreli. Telegram group administrator DJT was found to be associated with tokens previously supported by Shkreli. In a late night X chatroom session, Shkreli denied any direct involvement but emphasized the token's authenticity and potential listing on exchanges in the near future.
"I can confirm that these are genuine Trump tokens. I'm familiar with the situation, but these are not my tokens—they're Trump tokens," Shkreli said. "It's up to you to decide what you believe, but I am 100% sure this is an official Trump token. This is not my project. I can't guarantee anything. I don't speak for it."
While the crypto community awaits further clarification, the volatility surrounding DJT and related tokens highlights the speculative nature of the market and the powerful impact of high-profile endorsements, both confirmed and rumored.
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Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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