PoliFi Tokens Down Double Digits on Claims DJT Token Has Official Backing

If true, this would be the first time a presidential candidate from a major party created a cryptocurrency – but that appears to be a big "if."

A crypto token named after former U.S. President Donald J. Trump rallied as much as 180% Monday on an unconfirmed report that he is behind it.

The token, called DJT, rose to $167 from a low of $59 two hours after Pirate Wires, a maverick media outlet, posted on X (formerly Twitter) that Trump is launching an "official token." Trump's son Barron is "spearheading" the project, added 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.

CoinDesk could not independently verify whether Trump is involved in the DJT token. 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.

"If it's a rug, it will be epic. If it's real, it will also be epic," wrote Selkis in a Telegram message to CoinDesk. "Either way, I'm not touching it personally."

Others pointed out that the Trump campaign is known for using deceptive tactics, and that this could be a way to drum up interest in the candidate among crypto enthusiasts or to siphon off funds from his supporters.

"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.

"I highly, highly doubt Trump is making a token. If he did, we'd be the first to know," he added.

The Trump token is one of several PoliFi tokens that have been created in recent months, each named after a different politician and pegged to their performance in the upcoming presidential election.

The Trump token, launched two months ago, is the first PoliFi token with a market cap of over $370 million, according to CoinGecko. Another token, called Tremp, is a cross between Trump and Doland Duck – a bastardized version of Donald Duck with an attitude problem. It had a market capitalization of over $130 million.

Meanwhile, the Joe Biden themed Boden token is down 30% on the news, and had a market capitalization of over $100 million.

UPDATE (June 18, 01:28 UTC): Adds PoliFi token pricing

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Marc Hochstein is the executive editor of Consensus, CoinDesk's flagship event. He holds BTC above CoinDesk's disclosure threshold of $1K and de minimis amounts of other digital assets (details on profile page).

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