The so-called PoliFi tokens, like TRUMP, TREMP, and Boden, have recovered some of their losses following a series of denials from individuals close to Donald Trump – albeit not the campaign itself – about any formal relationship between the DJT token and the Republican presidential candidate.
According to CoinGecko data, the first significant token on the market to pair financial instruments with political themes, TRUMP, has increased by 24% in the last day. Meanwhile, its counterpart TREMP, based in Solana, has risen by 20%, while the Joe Biden-themed BODEN has increased by almost 45%. Market figures show that the PoliFi industry as a whole has increased by 14%.
The rises are probably the outcome of the market consensus that there is no relationship between the DJT token and the former president’s family or campaign. A Polymarket contract that asked if DJT “is real” was answered in the negative, however the decision is still under appeal. Other contracts that inquired about the involvement of Trump’s son Barron Trump also came back negative, but they are still going through the same challenge procedure.
In spite of this, almost 30% of the DJT token’s value has increased in the past day. ZachXBT’s inquiry revealed that the token’s creator, Martin “Pharma Bro” Shkreli, is a convicted felon. Shkreli confirmed this, but he still maintains that Barron Trump was involved in the initiative.
Although the Trump team has not made an official statement regarding the DJT token, officials have reportedly told DL News that there is no official involvement. Trump’s buddy and Republican political adviser Roger Stone declared that neither Barron nor the government were engaged.