- Following a massive sell on Tuesday, the meme coin’s price plummeted, weeks after the uproar surrounding Donald Trump’s possible relationship to DJT.
Following a significant sell that some traders are referring to as a “rug pull” by developers, the Solana-based joke token TrumpCoin (DJT), which debuted in June amidst a flurry of accusations regarding its unverified connection to former US President Donald Trump, has dropped almost 90% of its value.
Inspired by the Republican contender for president, the DJT token saw a sharp 92% price decline early on Tuesday when $2 million worth of tokens were sold off all at once, reducing the token’s market valuation in a matter of minutes from $55 million to $3 million.
Lead investigator Thomas Perrin of the blockchain data visualization business Bubblemaps revealed that the wallet’s owner sold two billion tokens in a single transaction. More intriguingly, he emphasized that the owner of the wallet had gotten tokens straight from the minting address and was the biggest single holder of the meme coin (20% of the total supply).
Following the sale, which brought in over 15,500 SOL, or more than $2.2 million as of this writing, the funds were split among four wallets, according to on-chain data compiled by the cryptocurrency social network 0xPPL.
DJT, which was introduced in early June, acquired popularity fast due to rumors that Trump and his son Barron were directly involved. Given Trump’s growing support of cryptocurrency in recent months, curiosity regarding the token’s origins was piqued by its quick ascent.
The notorious Martin Shkreli, also known as Barron Trump, and the son of Donald Trump met on June 18 with the Pharma Bro and former president of a pharmaceutical business who served time in federal prison for securities fraud—claimed credit for developing the DJT token.
However, although Shkreli’s association with the coin was verified by on-chain data, the linkage to Barron Trump was never independently verified. Roger Stone, a prominent Trump political ally, said that the former US President and his son had nothing to do with it. Prediction market Polymarket revealed that cryptocurrency gamblers were skeptical of any official lines.
Shkreli stated that although he helped with the token’s deployment, he does not possess the private key necessary to govern it in a Twitter conversation from earlier today. He said he had nothing to do with the selling.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
