PoliFi Tokens Drop Amid Claims DJT Token Backed by Trump

DJT, a Solana blockchain crypto token created two months ago, rose as much as 180% Monday on an unsubstantiated allegation that former U.S. president Donald J. Trump is behind it

This would be the first instance in which a presidential candidate from a prominent political party has created a cryptocurrency if the report is accurate. However, as of this writing, this is a significant “if.”

According to conversations, pirate Wires, a maverick media outlet, posted on X (formerly Twitter) that Trump is launching an official token — $DJT on Solana.

The publication, renowned for its irreverent voice, optimistic posture on technology, and critical reporting on San Francisco Bay Area politicians, stated that Trump’s son Barron is “spearheading” the project.

Mike Solana, the editor-in-chief of Pirate Wires and the CMO of venture capital firm Founders Fund, responded to a tweet from his publication by providing a smart contract address to increase visibility.

At the time of publication, the token’s market capitalization in that contract was $177 million.

At the same time, CoinGecko data indicated that PoliFi tokens, which bear the former president’s name, experienced a double-digit decline in response to the news.

Trump, a token hybrid of the former President, and Doland Duck, a bastardized version of Donald Duck with an attitude problem, is down over 40%, while Boden, a token themed after Joe Biden, is down 30%. The Trump token, the first PoliFi token with a market cap of over $370 million, was down 30%.

Mike Solana of Pirate Wires subsequently clarified that he “didn’t speak with Trump directly” and that it was conceivable that the Republican presidential candidate could “rug pull, pivot, or say it’s not true.”

Mike Solana stated, “I am merely reporting the information I have obtained from reliable sources.” It is a coincidence that his name is similar to the blockchain.

The Trump campaign should have aptly addressed a request for comment. At the time of publication, Trump had not made any posts on his TruthSocial platform that referenced a token.

The report was met with a general need for more confidence by crypto community members. Ryan Selkis, the proprietor of Messari, a data provider, and an outspoken Trump supporter estimated that the likelihood of the token being legitimate or fraudulent was “50-50.”

The probability that Trump would introduce a token by Friday was only 7% among speculators on Polymarket, the crypto-based prediction market platform.

Shkreli refutes any involvement

Digital currency The coin and convicted pharmaceutical executive Martin Shkreli were swiftly linked by Twitter sleuths, who observed that the $DJT Telegram group administrators were also the administrators of a token that Shkreli supported.

Shkreli denied any involvement in the token during a late-night X-space session. However, he asserted that it was an authentic project from the campaign and could be listed on exchanges shortly.

“I can verify that this is a genuine Trump token.” I am acquainted with the circumstances; however, it is not my token; it belongs to Trump. He stated on the X space, “I am certain it is an official Trump token.

However, it is ultimately up to you to determine your beliefs.” “It is not my project.” I cannot provide any assurances. I am not authorized to speak on its behalf.