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Did Donald Trump just launch his own cryptocurrency? $DJT Token EXPLODES AT 180%
Rumors are circulating that former US President Donald J. Trump is considering launching his own cryptocurrency, called DJT, on the market Solana Blockchain. This potential move would mark a historic first for a major political figure entering the cryptocurrency arena.
However, skepticism about the project’s legitimacy remains widespread.
Here’s the full (true) scoop.
The DJT token wave
On Monday, DJT, launched a newly minted token Solana, saw a staggering 180% increase in value following unconfirmed reports linking it to Donald Trump. Pirate Wires, a media outlet, suggested that Trump’s son Barron might be involved in the project, further fueling speculation.
While DJT rose, other tokens linked to political figures recorded significant losses. PoliFi tokens, which bear Trump’s name, fell more than 10%, with the market capitalization of the Trump token falling 30% to $370 million. Tremp, a satirical token that combines Trump and Donald Duck, fell more than 40%, and the Biden-themed Boden token also saw a 30% decline.
Hoax or genuine? A mix of reactions
The authenticity of the DJT token is under scrutiny.
Ryan Selkis, founder of Messari, expressed doubts, estimating a 50% chance that the token is authentic. On Polymarket, a crypto prediction platform, bettors placed just a 7% chance that Trump will launch a token by Friday.
Mike Solana, editor-in-chief of Pirate Wires, clarified that he had not spoken directly to Trump and acknowledged the possibility that Trump would disavow any connection to the token. Meanwhile, Martin Shkreli, known for controversies in the pharmaceutical industry, denied involvement but said he knows that DJT is indeed a real project linked to the Trump campaign.
Implications for the cryptocurrency market
If the DJT token rumors turn out to be true, it could have profound implications for the cryptocurrency market, especially tokens tied to political figures. Chad Bushnell, in a post, warned of the potential consequences for SOL coins:
- If DJT is legitimate: It could quickly reach a market capitalization of $10 billion, redirecting $3 billion from other Solana tokens due to liquidity shifts.
- If DJT is a scam: It could tarnish Solana’s reputation, leading to losses exceeding $100 million and potentially depressing the value of SOL coins.
Whether DJT turns out to be genuine or a hoax, its impact on Solana and the broader cryptocurrency landscape is already evident. Investor sentiment and market dynamics are changing as speculation continues to swirl.
Read also: A look at Donald Trump’s SHOCKING $32 million cryptocurrency portfolio
What do you think about the legitimacy of DJT tokens? Tell us.