If recent reports are true, this would mark the first time a major party presidential candidate has created a cryptocurrency. However, this remains a significant “if.”
DJT Token and Trump’s Alleged Involvement
The DJT crypto token, minted two months ago on the Solana blockchain, saw a surge of up to 180% on Monday following an unconfirmed report that former U.S. President Donald J. Trump is behind it. Pirate Wires, a media outlet known for its critical reporting and tech optimism, posted on X (formerly Twitter) that Trump is launching an official token, $DJT, on Solana, with his son Barron reportedly spearheading the project.
Mike Solana, the CMO of Founders Fund and editor-in-chief of Pirate Wires, shared a smart contract address linked to the token, which had a market capitalization of $177 million at the time.
Market Reactions and Skepticism
The news affected other PoliFi tokens associated with Trump, leading to double-digit losses. The Trump token, the first PoliFi token to surpass a $370 million market cap, dropped 30%. Tremp, a token inspired by a cross between Trump and a caricature of Donald Duck, fell over 40%, while the Joe Biden-themed Boden token decreased by 30%.
Steven Steele, marketing director of the PoliFi Trump token, claimed the market downturn was a “greedy psy op” targeting their tokens.
Uncertainty and Clarifications
Mike Solana later clarified that he hadn’t spoken directly with Trump and acknowledged the possibility that Trump might deny involvement or pivot from the project. The Trump campaign did not respond to requests for comment, and as of press time, Trump had not mentioned the token on his TruthSocial platform.
The crypto community remains skeptical. Ryan Selkis, founder of data provider Messari and a Trump supporter, estimated the chances of the token being legitimate at “50-50.”
On Polymarket, a crypto-based prediction platform, bettors gave only a 7% chance that Trump would launch a token by Friday.
Shkreli Denies Involvement, Confirms Authenticity
Crypto Twitter sleuths linked the DJT token to convicted pharmaceutical executive Martin Shkreli, noting shared admins between the DJT Telegram group and a Shkreli-supported token. In a late-night X space, Shkreli denied involvement but claimed the token was an authentic project from the Trump campaign and might soon be listed on exchanges.
“I can confirm that this is an authentic Trump token. I’m familiar with the situation, but it’s not my token—it’s Trump’s. It’s up to you to decide what you believe, but I’m 100% certain it’s an official Trump token,” Shkreli said. “It’s not my project. I can’t guarantee anything. I don’t speak for it.”