Is Solana-based Trump memecoin DJT fake? Here’s what bettors say

Did the former US president Donald Trump launch a memecoin called DJT on Solana yesterday?

According to Pirate Wires, a media company focused on technology and politics, he did.

“Per conversations, Trump is launching an official token — $DJT on Solana,” the publication posted on X on Monday evening.

“Barron spearheading,” it added, referring to Barron Trump, the statesman’s 18-year-old son.

But betting market Polymarket is sceptical of the report. At the time of writing, the bettors assign a 19% chance that the DJT token was genuinely created by Trump, by a member of his family, or by his staff.

So far, nearly $600,000 has been wagered on the bet. For those betting on the token’s authenticity to win, there must be a confirmation from a Trump representative or a consensus from credible reports by June 22.

“Last chance if anyone is super brave with size who wants to make a bet,” Martin Shkreli, commonly known as pharma bro, posted on X.

Since its launch, the DJT token has surged by approximately 90% and is now trading with a market value of $250 million.

The announcement has negatively impacted other Trump-themed tokens. In the last 24 hours, MAGA has fallen by 35%, Tremp by 43%, and Boden, a memecoin mocking US President Joe Biden, by 13%.

Traditionally crypto-agnostic, Trump has recently embraced the industry ahead of the US presidential elections scheduled for November. He has pledged support for the Bitcoin mining industry, and his election campaign has begun accepting donations in cryptocurrencies.

The Biden campaign, in response, is exploring that option as well, according to a report by The Block.

Beyond Polymarket, crypto trader Alex Wice challenged Shkreli to bet $1 million that the token was fake. “You’re on. How high can you go?,” Shkreli said in reply.

Tom Carreras is a markets correspondent for DL News. Got a tip about Trump or memecoins? Reach out at tcarreras@dlnews.com