The cryptocurrency market has suffered a significant jolt, with other policy-themed tokens taking a double-digit hit following rumors that former US President Donald J. Trump supported the DJT token.
DJT, a cryptocurrency mined on the Solana blockchain just two months ago, saw a staggering rally of up to 180% yesterday. This rise was supported by an unconfirmed report suggesting Trump's involvement in this token. If the news is true, it will be the first time that a presidential candidate of a major political party has created a cryptocurrency.
The news was first reported by Pirate Wires, a contrarian media outlet known for its critical reporting on San Francisco Bay Area politicians and optimistic stance on technology. On Organization X (formerly Twitter), “Rumor has it that Trump is launching an official token, DJT, on Solana.” He published a news saying.
The news also claimed that Trump's son Barron “led” the project.
According to CoinGecko data, following these developments, policy tokens sharing the former president's name experienced a significant decline. Trump token, the first politically themed token with a market value exceeding $370 million, fell 30%. The Joe Biden-themed Boden token also dropped by 30%.
Mike Solana later clarified that he “did not speak directly to Trump” and suggested that the Republican presidential candidate “could be fraudulent or say it's not true.” “I'm just passing on what I know through my sources,” he added.
*This is not investment advice.
