The newly launched Solana token DJT was the talk of the cryptocurrency world on Monday after it shot up by 180%. This sudden and impressive increase in value was ignited by gossip originating from a non-mainstream media outlet known as Pirate Wires. Based on these reports, there were suppositions that the former President of the United States, Donald J. Trump might be involved or even have authority in this particular digital currency.
Speculations began emerging when Pirate Wires tweeted about Trump’s plan to issue his official digital currency, $DJT, on the Solana blockchain. It spurred even more controversy when Mike Solana, the CMO of Founders Fund and the editor-in-chief of Pirate Wires, disclosed the smart contract address as a way of bringing awareness of it.
Recent findings show that the current value of the DJT token stands at $177 million, and this token is associated with this particular address. Such talks suggest that if these assertions prove to be true, it would mark the first time a presidential nominee of a major political party has launched their cryptocurrencies.
However, the credibility of these statements remains under debate. Mike Solana rejoined again, and while he seemed to have some reserve, he also admitted that he had never spoken with Trump himself. He also speculated that Trump might not accept the token, terming the gesture as potentially misleading or inaccurate. Solana, however, pointed out that he did not speak to Trump directly but sourced the information.
The reaction of the members of the cryptocurrency community to this news is quite a mix of skepticism and curiosity. Polymarket, an extremely popular site dedicated to crypto-based predictions, does not foresee any possibility of Trump announcing the token by the end of the week with odds pegged at a mere 7%.
It also impacted other virtual currencies linked to politicians in some way, shape, or form. Donald Trump-related cryptocurrency took a hit; for instance, the Trump token, which was valued above $370 million, shed 30% of its value. As for other tokens, Tremp, based on Trump and Disney’s Donald Duck sank by over 40%, and Boden, named after Joe Biden, fell by 30%.
Amidst the chaos, a relationship was suggested between the DJT token and Martin Shkreli, a polarizing pharma billionaire. People researching cryptocurrency noticed that the same individuals moderating the DJT Telegram group were managing a token associated with Shkreli.
During an X-space discussion, Shkreli dismissed these speculations and stated that he had no direct connection with the token. However, he confirmed its reliability and hinted at its possible inclusion in exchanges. He said, “I can confirm that this is a genuine Trump token. As much as I am aware of the circumstances, it is not my invention — it is Trump’s.
The people of the crypto space and those interested in the market are still waiting for some comments on the situation from the Trump campaign as they have yet to comment on the problem. This has created a lot of confusion, and most people are now waiting for a definite statement that could affirm or negate the claims linking the DJT token to the presidency.