'Greatest Of Them All' TRUMP Memecoin Headed for Trump Media ETFs? Polymarket Bettors Think It's Unlikely
Trump Media and Technology Group Corp. (NASDAQ:DJT) may be venturing into the cryptocurrency business, but Polymarket bettors don't expect the firm to invest in President Donald Trump’s Official Trump (CRYPTO: TRUMP) meme coin to begin with.
What happened: The odds in favor of TMTG buying TRUMP were at a mere 16% on the Polygon (CRYPTO: POL)-based prediction platform as of this writing. Notably, the odds haven't topped 19% since the contract's creation in mid-February.
About $142,753 has been wagered on the outcome. The market would resolve to "Yes" if TMTG, either directly or through a subsidiary, buys TRUMP before July 1.
Note that Polymarket is not available to U.S. residents due to regulatory hurdles.
See Also: Shiba Inu Attracts More Diamond Hands Than Bitcoin, Ethereum But Is High Whale Concentration Something To Lose Sleep Over?
TMTG, co-founded and majority-owned by Trump, entered into a partnership with Singapore-based cryptocurrency exchange Crypto.com last week to launch exchange-traded funds, including those tied to cryptocurrencies.
According to the announcement, Bitcoin (CRYPTO: BTC) and Crypto.com's native token Cronos (CRYPTO: CRO) would be included in the cryptocurrency basket, with no mention of TRUMP as of yet.
TMTG didn't immediately return Benzinga's request for comment.
Why It Matters: The memecoin, launched just before Trump's swearing-in, spawned a whopping $75 billion in fully diluted capitalization in a jiffy but has since plunged 86% in value.
TRUMP's majority supply is controlled by entities linked to The Trump Organization, a conglomerate owned and run by the Trump family.
The president proclaimed the coin the "greatest of them all" through his Truth Social account last week.
Price Action: At the time of writing, TRUMP was exchanging hands at $10.09, down 1.79% in the last 24 hours, according to data from Benzinga Pro.
The DJT stock closed 2.41% lower at $19.83 during Friday’s regular session. It lagged in key metrics such as momentum and value as of this writing. To find out the list toppers, visit Benzinga's proprietary Edge Rankings score.
Image via Shutterstock
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Posted-In: ETF Polymarket Trump Media and Technology Group Corp Trump MemecoinCryptocurrency News Markets
