Investing.com -- Shares of Trump Technology&Media (DJT) surged a further 8% in premarket trading Monday, continuing a sharp rally in recent weeks.

The rise has been driven by investor bets on a potential Trump victory in the 2024 U.S. presidential election. This rise adds to a trend that has seen the stock triple in value over the past five weeks, reflecting heightened market speculation.

Analysts note that DJT is trading on political momentum rather than traditional financial fundamentals.

Despite its soaring market cap, the company reported just $837,000 in second-quarter revenue, a figure far below what would typically justify a multibillion-dollar valuation.

However, traders seem unfazed, focusing on Trump’s political fortunes and the impact they could have on the company.

Polls currently indicate a close race between Trump and Vice President Kamala Harris, boosting DJT’s share price as market participants increasingly believe in a possible Trump victory.

Trump’s decision not to sell his shares in the company—valued at over $4.5 billion—has also reinforced investor confidence.

After earlier declines in July and August, DJT stock is now rebounding as Trump gains momentum in national polling. Analysts suggest that if Trump wins the White House, the stock could climb even higher, though they caution that the opposite outcome could result in a sharp decline.

Despite the share price surge, DJT remains a potentially volatile bet tied directly to political developments.

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