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The Trump Token DJT is said to be flying as traders bet on its legitimacy
The rumors circulating around DJT have not been enough to convince Polymarket traders, who mostly doubt that the Solana-based meme coin is officially linked to former President Donald Trump.
Traders on the blockchain-based prediction site have so far penciled in a 13% chance “definitive evidence” will emerge by Saturday confirming that the former president is associated with DJT, after hovering around 24% for much of Tuesday. Regardless, the token is up 300% over the past day to $0.02, as of this writing.
So far, DJT has logged in $462 million in trading volumeachieving a market capitalization of $216 million.
The rumor of an official connection was sparked by the technology and politics-focused publication Pirate Wires on Twitter, which reported that the former president’s 18-year-old son, Barron, is “diamond tip” the operation. “According to conversations, Trump is launching an official token: $DJT on Solana,” says Pirate Wires he wrote on Twitter (aka X).
Polymarket traders have so far bet $1.1 million on DJT’s legitimacy: the largest bet was a “No” of $46,000. Crypto analytics firm Bubblemaps is equally skeptical. “There is no way that $DJT actually came from Donald Trump,” the company’s Twitter (aka X) account declared Monday.
«Apparently, almost half [of DJT’s] the supply is held in some linked wallets,” said Bubblemaps founder and analyst Nick Vaiman Decipher. “Slimming your stock is the latest trend, so we weren’t completely shocked.
“It’s still hard to believe since Trump didn’t approve it, but as Elon Musk said, the funniest outcome is often the most likely,” he continued.
Others on Twitter pointed out that the token was minted a month ago, or that its creator was connected to the Kucoin cryptocurrency exchange, which is not available to people based in the United States
However, DJT has its fair share of believers, including “pharma brother” Martin Shkreli, who was convicted of securities fraud in 2017. The former pharmaceutical company executive made several public bets Tuesday on Crypto Twitter, in precedence discuss the Polymarket bet “literally has a 100% probability.”
“I think [there’s] there’s a pretty high chance I’ll get thrown a freeroll here, and either I owe $70,000 or he refuses to pay,” cryptocurrency trader under the pseudonym Domer, who trades on Polymarket as RevengeTour19B4, She said on Twitter about their bet with Shkreli, who refused to use Polymarket.
Cryptocurrency trader Alex Wice offered bet $1 million with Shkreli, while the pseudonym of crypto trader GCR increased anty potential to $100 million, and others chimed in as well.
By the end of the day, blockchain intelligence firm Arkham had placed a $150,000 bounty on its platform for “prove definitively” who could be the creator of DJT.
The former president, who has has backed its own line of Polygon-based NFTs, has recently emerged as an advocate for digital assets. Previously describing Bitcoin as something that “it seems like a scam“, Trump signaled that it would instead be a “crypto president” earlier this month.
After starting to accept crypto donationsTrump also called for Bitcoin to be “Made in the USA” recently. However, the presumptive GOP nominee for 2024 has yet to express an opinion on meme coins, let alone any that might be made in his image without permission.
By Ryan Ozawa.