PlayIconNav
BTC
$60,718.33-1.62%
ETH
$3,379.85-2.19%
BNB
$571.36-1.70%
SOL
$141.55-4.69%
XRP
$0.47311280-0.17%
TON
$7.49-3.74%
CD20
$2,096.85-2.12%
DOGE
$0.12363746-0.87%
ADA
$0.39147713+0.12%
AVAX
$28.06-0.56%
TRX
$0.12345429+0.83%
SHIB
$0.00001703-2.90%
Ad
Markets

PoliFi Tokens Return to Business After Proof of DJT-Trump Link Fails to Materialize

Many PoliFi tokens fell more than 10% after claims emerged that the Trump campaign was behind the DJT token.

By Sam Reynolds
AccessTimeIconJun 25, 2024 at 11:19 a.m. UTC
Updated Jun 25, 2024 at 11:22 a.m. UTC
(Jon Tyson/Unsplash)
(Jon Tyson/Unsplash)
  • PoliFi tokens are back in the green after no credible evidence emerged that the Trump campaign or his family is involved with the DJT token.
  • Martin Shkreli continues to claim there was involvement.

So-called PoliFi tokens such as TRUMP, TREMP and Boden have recouped their losses after a slate of denials from people in Donald Trump's orbit – but not the campaign itself – regarding any official connection between the DJT token and the Republican presidential hopeful.

CoinGecko data shows that TRUMP, the first major token in the sector that matches financial instruments with political themes, has gained 24% in the past 24 hours, while its Solana counterpart TREMP added 20%, and the Joe Biden-themed BODEN is well in the green climbing over 45%.

The entire PoliFi sector has risen 14%, market data indicate.

The increases likely result from a market consensus that the DJT token does not have a connection to the former president's campaign nor to his family.

A Polymarket contract asking if DJT "is real" resolved to No, but that outcome is currently being disputed. Other contracts asking if Trump's son Barron Trump had some involvement also resolved to No, but they are going through that same dispute process.

Despite this, the DJT token added more than 30% in the last 24 hours.

An investigation by ZachXBT concluded that Martin “Pharma Bro” Shkreli, a convicted felon, was behind the token, which Shkreli confirmed – though he continues to claim that Barron Trump also participated in the project.

While the Trump campaign has not officially commented on the DJT token, DL News reported that insiders say there is no official involvement.

Roger Stone, a Republican political consultant and ally of Trump, also said there was no official involvement, and that Barron was also not involved.

Edited by Sheldon Reback.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.