PoliFi Tokens Down Double Digits on Claims DJT Token Has Trump’s Backing

DJT,
a
crypto
token
minted

two
months
ago
on
the
Solana
blockchain,
rallied
as
much
as
180%
Monday
on
an
unconfirmed
report
that
former
U.S.
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
has
created
a
cryptocurrency
–
but
as
of
press
time,
that
appears
to
be
a
big
“if.”

“Per
conversations,
Trump
is
launching
an
official
token
—
$DJT
on
Solana,”
Pirate
Wires,
a
maverick
media
outlet,
posted
on
X
(formerly
Twitter).

Trump’s
son
Barron
is
“spearheading”
the
project,
said
the
publication,
which
is
known
for
its
critical
reporting
on
San
Francisco
Bay
Area
politicians,
irreverent
voice
and
optimistic
stance
about
technology.

Mike
Solana,
the
CMO
of
venture
capital
firm
Founders
Fund
and
editor-in-chief
of
Pirate
Wires,
posted
a
smart
contract
address
in
a
reply
to
his
publication’s
tweet
“for
visibility.”

The
token
in
that
contract
had
a

$177
million
market
capitalization
at
press
time.

Meanwhile,
PoliFi
tokens
that
share
the
former
president’s
name
were
down
double
digits
on
the
news,
according
to
CoinGecko
data.

The
Trump
token,
the
first

PoliFi
token
with
a
market
cap
of
over
$370
million,

was
down
30%,
while
Tremp,
another
token
that’s
a
cross
between
the

former
President
and
Doland
Duck
–
a
bastardized
version
of
Donald
Duck
with
an
attitude
problem
–

is
down
over
40%
while
the

Joe
Biden-themed
Boden
token
is
down
30%.

“They’re
targeting
us,
putting
us
in
the
red.
Literally
seems
like
a
greedy
psy
op,”
Steven
Steele,
marketing
director
of
the
PoliFi
Trump
token,
told
CoinDesk
in
a
Telegram
message.

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

“Just
reporting
what
I
know
via
sources,”
said
Mike
Solana
(his
sharing
a
name
with
the
blockchain
is
coincidental).

The
Trump
campaign
did
not
immediately
respond
to
a
request
for
comment.
As
of
press
time,
Trump
had
posted
nothing
on
his
TruthSocial
platform
mentioning
a
token.

Crypto
community
members’
reactions
to
the
report
were
largely
skeptical.
Ryan
Selkis,
founder
of
data
provider
Messari
and
a
vocal
Trump
supporter,
said
he
guessed
the
odds
were
“50-50”
that
the
token
is
legit
or
an
act
of
deceit.