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PoliFi Tokens Drop Double Digits on Claims DJT Token Has Trump’s Backing
DJT, a minted cryptographic token two months ago on the Solana blockchain, rallied as much as 180% on Monday based on an unconfirmed report that former US President Donald J. Trump is behind it.
If the report is true, this would be the first time a presidential candidate from a major political party would create a cryptocurrency, but as of this writing that appears to be a big “if.”
“According to conversations, Trump is launching an official token: $DJT on Solana,” posted Pirate Wires, a maverick media outlet, on X (formerly Twitter).
Trump’s son Barron is “at the helm” of the project, says the publication, known for its critical reporting on San Francisco Bay Area politicians, irreverent voice and optimistic stance on technology.
Mike Solana, CMO of venture capital firm Founders Fund and editor-in-chief of Pirate Wires, posted an address on the smart contract in response to his publication’s tweet “for visibility.”
Meanwhile, PoliFi tokens sharing the former president’s name have dropped to double digits, according to CoinGecko data.
“They are targeting us, putting us in the red. It literally feels like a greedy psychological operation,” Steven Steele, marketing director of the PoliFi Trump token, told CoinDesk in a Telegram message.
Pirate Wires’ Mike Solana later clarified that he “had not spoken directly to Trump” and said it was possible that the Republican presidential nominee “could pull, or pivot, say that’s not true.”
“I’m just reporting what I know through sources,” said Mike Solana (his sharing a name with blockchain is a coincidence).
The Trump campaign did not immediately respond to a request for comment. As of this writing, Trump had not posted anything on his TruthSocial platform that mentioned a token.
Reactions from members of the crypto community to the report have been largely skeptical. Ryan Selkis, founder of data provider Messari and an avid Trump supporter, said he assumed the odds were “50-50” that the token is legitimate or an act of deception.
On Polymarket, the cryptocurrency-based prediction market platform, bettors gave only a 7% chance. that Trump will launch a token by Friday.
Cryptocurrency sleuths at Twitter quickly pieced together a connection between the coin and convicted pharmaceutical executive Martin Shkreli, noting that administrators of the $DJT Telegram group were also administrators of a Shkreli-backed token.
Late last night X Space Shkreli denied involvement in the token, but said he knew it was a genuine campaign project and could be listed on exchanges in the near future.
“I can confirm that this is an authentic Trump token. I know the situation, but it’s not my token – it’s Trump’s. It’s up to you what you believe, but I’m 100% sure this is an official Trump token,” he said in space X. “It’s not my project. I can’t guarantee anything.
UPDATE (June 18, 01:28 UTC): Updates throughout, adds PoliFi token prices