Did Donald Trump Just Launch His Own Crypto? $DJT Token EXPLODES 180%
The post Did Donald Trump Just Launch His Own Crypto? $DJT Token EXPLODES 180% appeared first on Coinpedia Fintech News
Rumors are swirling that former U.S. President Donald J. Trump is considering launching his own cryptocurrency, named DJT, on the 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 (real) scoop.
The DJT Token Surge
On Monday, DJT, a newly minted token on Solana, saw a staggering 180% increase in value following unconfirmed reports linking it to Donald Trump. Pirate Wires, a media outlet, suggested Trump’s son Barron might be involved in the project, further fueling speculation.
While DJT surged, other tokens tied to political figures saw significant losses. PoliFi tokens, bearing Trump’s name, dropped over 10%, with the Trump token’s market cap falling by 30% to $370 million. Tremp, a satirical token blending Trump and Donald Duck, tumbled over 40%, and even the Biden-themed Boden token experienced a 30% decline.
Hoax or Genuine? A Mixed Bag of Reactions
The authenticity of the DJT token is under scrutiny.
Ryan Selkis, founder of Messari, expressed doubts, estimating a 50-50 chance of the token being genuine. On Polymarket, a crypto prediction platform, bettors placed just a 7% probability on Trump launching a token by Friday.
I’m not 100% sure whether the Trump memecoin is real or an op, but I’m 50-50.
— Ryan Selkis (d/acc)
I offered to help the people that reached out with legal and biz intros but told them I wouldn’t take anything in return because I got the vibes that the guy who approached me is a Fed.
Stay safe!!!(@twobitidiot) June 17, 2024
Mike Solana, editor-in-chief of Pirate Wires, clarified he hadn’t directly spoken with Trump and acknowledged the possibility of Trump disavowing any connection to the token. Meanwhile, Martin Shkreli, known for controversy in the pharmaceutical industry, denied involvement but claimed knowledge that DJT is indeed a genuine project linked to Trump’s campaign.
Implications for the Crypto Market
Should the DJT token rumors prove true, it could have profound implications for the cryptocurrency market, particularly for tokens tied to political figures. Chad Bushnell, in a post, warned about potential consequences for SOL coins:
- If DJT is legitimate: It could swiftly attain a $10 billion market cap, 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 SOL coin values.
Whether DJT turns out to be genuine or a hoax, its impact on Solana and the wider crypto landscape is already evident. Investor sentiment and market dynamics are shifting as speculation continues to swirl.
What are your thoughts on the legitimacy of DJT Tokens? Tell us.
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