News, Price Analysis

DJT Token Soars 180% on Trump Rumors While PoliFi Tokens Plunge 10%

Breaking or Bait? Donald Trump might be rolling out his own DJT token on Solana Blockchain. 

If true, this marks the first major party candidate to create a cryptocurrency! Will Trump launch a crypto? However, skepticism remains high.

If Trump does indeed launch a coin (which feels very non-zero), or if DJT is it – the other tokens likely get crushed. Here’s the Scoop.

DJT Token Skyrockets on Trump Speculation

DJT, a new crypto token minted on the Solana blockchain, saw a dramatic rally of up to 180% on Monday. This surge followed an unconfirmed report that former U.S. president Donald J. Trump is behind the token. The rumor, spread by Pirate Wires, a media outlet, suggested that Trump’s son, Barron, is leading the project. 

PoliFi Tokens Tolls Behind

While DJT soared, PoliFi tokens linked to Trump’s name suffered significant losses, dropping over 10%. These tokens, which are part of a broader trend of political-themed cryptocurrencies, saw their market values plummet. The Trump token, with a market cap exceeding $370 million, fell by 30%. Another PoliFi token, Tremp, which is a satirical mix of Trump and Donald Duck, declined by over 40%. Even the Biden-themed Boden token saw a 30% drop.

Hoax or Genuine? A Mixed Bag of Reactions

Before the actual confirmation, the crypto community is worried about the authenticity of the DJT token. Ryan Selkis, founder of data provider Messari, expressed doubt, suggesting there’s a 50-50 chance of the token being genuine or a hoax. On Polymarket, a crypto-based prediction market platform, bettors placed only a 7% chance that Trump would officially launch a token by Friday.

Whereas, Mike Solana, editor-in-chief of Pirate Wires, clarified that he had not spoken directly with Trump and acknowledged the possibility that Trump could deny any links with the token. Meanwhile, Martin Shkreli, a controversial figure in the pharmaceutical industry, denied involvement but claimed to know that the DJT token was an authentic project from Trump’s campaign.

Implications for the Crypto Market

If the DJT token rumors prove true, it could have significant implications for the crypto market, especially for political-themed tokens. Chad Bushnell’s X post warns that whether DJT is legitimate or a scam, it will likely harm all SOL coins:

If DJT is real, it could rapidly reach a $10 billion market cap, drawing $3 billion away from other Solana tokens due to liquidity shifts. If DJT is a scam, it could worsen Solana’s already shaky reputation, resulting in over $100 million in losses without reinvestment and causing a decline in SOL coin values. Overall, Bushnell predicts negative consequences for Solana tokens regardless of DJT’s legitimacy.

What are your thoughts on the legitimacy of DJT Tokens? Tell us.

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