The DJT token recently saw a notable surge on reports that the project may have ties with former U.S. president Donald J. Trump. So remarkable was the surge that the token, which was minted just two months ago on the Solana blockchain, saw its value soar by as much as 180% on Monday. The surge followed a now infamous X post by media outlet Pirate Wires, which reads:
“Per conversations, Trump is launching an official token — $DJT on Solana.”
The report suggested that Trump’s son, Barron, is leading the charge of this project, promoting the token under the former President’s name. Mike Solana, Chief Marketing Officer of venture capital firm Founders Fund and editor-in-chief of Pirate Wires, added fuel to the fire by posting the token’s smart contract address on X (formerly known as Twitter), increasing its visibility.
Crypto Community Reacts to DJT Token with Scepticism as PoliFi Tokens Plummet
At the time of the announcement, the token in question had seen its market capitalization up to $177 million. However, the larger crypto community remained apprehensive about these claims, asking questions about their legitimacy. Ryan Selkis, founder of data provider Messari and an outspoken Trump supporter, voiced his doubts, too. By his estimation, the chances of the token being officially endorsed by Trump is merely 50-50.
Meanwhile, PoliFi tokens — other Trump-themed coins — took massive hits during the same period. The Trump token, the first PoliFi token to surpass a $370 million market cap, dropped 30%, while Tremp, a cross version between Trump and Donald Duck, plummeted over 40%. Even the Joe Biden-themed Boden token saw a 30% decrease in value, according to CoinGecko data. Steven Steele, marketing director for the PoliFi Trump token, expressed frustration over the downturn, suggesting it was an attack directly aimed at destabilizing their market.
It might be worth noting that Pirate Wires’ Mike Solana would later admit that he hadn’t spoken directly with Trump. This later statement has now cast further doubt on the report’s authenticity. However, he subtly maintained that the report was not just a rumour. Solana noted that Trump could either deny the connection or change his stance.
As of now, the Trump campaign has not commented on the matter, and no official statements have been posted on Trump’s TruthSocial platform. Polymarket, a crypto-based prediction market platform, reflects the community’s scepticism. That is as bettors assigned only a measly 7% chance to seeing Trump launch a token by Friday.
