Original TRUMP Token Fights Exchange Listings as DJT Gains Popularity
Date: 2024-06-20 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
The TRUMP (cryptocurrency token not associated with the former US President) team encountered problems listing their digital asset on major trading platforms. Despite having no official connection with Donald Trump, the team told CoinDesk that their attempts to list the PoliFi token on leading exchanges have encountered difficulties.
Decentralized and lesser-known exchanges
Currently, the TRUMP token is traded primarily on decentralized exchanges (DEXs) such as MEXC, LBank, BingX and BitMart. When the team applied to list on one of the largest US exchanges, Kraken, in mid-May, they received no response, Stephen Steele, director of marketing for the TRUMP token, said in a Telegram message to CoinDesk. A Kraken representative declined to comment.
Steele expressed disappointment at exchanges' refusal to list TRUMP for political reasons, calling it cowardice and a lack of understanding of the current state of the memcoin market. According to him, the failure to list a Trump-themed token during the election season, when Trump is running as the first major cryptocurrency presidential candidate, demonstrates that exchanges are out of touch with reality.
Competition with TREMP
Despite Kraken's refusal to list TRUMP, a playful version of TREMP recently debuted on the exchange. Besides Kraken, TREMP is also traded on HTX and other lesser known exchanges where TRUMP is listed. Kraken also lists BODEN, a Joe Biden-style equivalent of TREMP.
Other exchanges such as ByBit and OKX also refused to list TRUMP, citing political risks. Representatives of these exchanges explained that political memcoins are too sensitive a topic for listing. The TRUMP team has not yet applied to list on HTX, the only major exchange other than Kraken that lists TREMP. An HTX spokesperson told CoinDesk that the exchange carefully reviews each project, taking into account the market environment and trends.
Impact on the market
All PoliFi tokens were in the red following the launch of DJT, another Trump-themed token that some claim has official backing from the former president's campaign. DJT shares rose nearly 200% on reports of Trump's support, but then fell 30% on doubts about official support.
Cryptocurrency analyst GiganticRebirth has questioned the connection between the DJT token and the Trump campaign, offering a bet with convicted pharmaceutical executive Martin Shkreli. According to data from CoinGecko, TRUMP fell over 38% and TREMP recorded a daily loss of 45%. On prediction market platform Polymarket, players are signaling a 16% chance that the DJT token has the support of Trump himself or his campaign.
