PoliFi Token Sector Rebounds Following TrumpCoin DJT/USD Controversies
Thenascent“PoliticalFinance”(PoliFi)tokensectorhasexperiencedasignificantreboundfollowingaseriesofcontroversiesanddenialssurroundingthe
What Happened: According to data from CoinGecko, a number of PoliFi tokens rallied over 24 hours. The first major politically themed memecoin, MagaMemecoin (TRUMP), rose 24% during this timeframe, while its Solana (SOL) based counterpart, TREMP, gained 20%.
The Joe Biden-themed Boden (BODEN) token rallied 24 hours from the previous trading day.
Related Link: Solana Foundation Launches Tools To Streamline Blockchain Transactions
Why It Matters: The gains come amid several denials from people in Trump’s orbit about any official connection between the DJT token and the former president’s campaign. The Trump campaign has not commented on the matter.
An investigation by blockchain sleuth ZachXBT pointed to Martin Shkreli, infamously known as “PharmaBro,” as the mastermind behind the DJT token. Shkreli confirmed his involvement but continues to insist on the participation of Trump’s son, Barron, a claim that has been widely disputed.
"There is no official involvement, and Barron is not involved,” said Roger Stone, a long-time Trump ally, of the situation, adding to the denials.
The DJT token itself rose 30% over 24 hours from the previous evening, showing the complex and often unpredictable nature of the cryptocurrency market.
The PoliFi sector rose 14% over 24 hours, indicating a broader market trend that seems to be capitalizing on the attention generated by the controversy.
As the latest cryptocurrency drama continues to unfold, people in the industry are watching to see how it affects the broader digital asset landscape. The intersection of politics and finance in the blockchain space will be a hot topic at the upcoming Benzinga Future of Digital Assets event on Nov. 19.
See also: German Government Continues Bitcoin Liquidation, Transfers 400 BTC To Exchanges
Photo: Shutterstock
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