- The largest memecoin currently inspired by Donald Trump, MAGA (TRUMP), crashed around 60% early this week on reports that the former president was going to introduce his own cryptocurrency.
- Another coin on the Solana (SOL) network that sparked speculation was called Trumpcoin (DJT), which some media sources said was introduced by Trump and his son Barron.
The blockchain de-anonymizing platform Arkham offered a $150,000 reward for information leading to the real identity of the DJT launcher.
In response to the bounty, renowned blockchain investigator Zachxbt stated that halfway through his investigation, investor Martin Shkreli, also referred to as Pharma Bro, messaged him on social media platform X claiming to have evidence that he and Barron Trump were responsible for the launch of DJT.
But no proof connecting any member of the Trump family to DJT has emerged, and neither the former president nor his son have commented on the coin.
Dexscreener claims that DJT soon rose to a market capitalization of around $467 million. As of this writing, the coin’s value has decreased by almost 83% due to growing skepticism regarding the project’s validity. It currently has a market value of $82.8 million and $47,000 in liquidity.
An insider was able to make 110X their initial investment just ahead of the news of the coin’s introduction, turning $9,400 into almost $1.03 million worth of SOL, according to blockchain tracking company Lookonchain.
CEO of well-known crypto analytics company Messari and industry supporter Ryan Selkis claims he was contacted by entities connected to Shkreli’s coin and will soon make his results public.
TRUMP, the largest PolitiFi memecoin as of this writing, has somewhat recovered its losses and is now trading at $8.34.
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.
