The Solana memecoin TrumpCoin （DJT）, created by Barron Trump and Martin Shkreli, plunged by over 98% amid a broader crypto meltdown. Shkreli claims that Barron, Trump’s son, rugged the token, causing its drastic fall.
Points
- TrumpCoin （DJT） plunges over 98%, dropping from over $56 million to sub $500,000 market cap.
- Martin Shkreli, aka Pharma Bro, accuses Barron Trump of rugging the token.
- On-chain data suggests liquidity was pulled, leading to the crash.
- The incident highlights the risks and volatility associated with meme coins.
TrumpCoin Plunges Over 98%
The Solana memecoin TrumpCoin （DJT）, created by Barron Trump and Martin Shkreli, suddenly plunged by over 98% early Tuesday amid the broader crypto meltdown. DJT dropped to as low as $0.00004445, crashing the market cap from over $56 million to sub $500,000. The token slightly recovered to a $4.5 million market cap, but liquidity remains dangerously low at $6,000.
Shkreli Accuses Barron Trump of Rugging TrumpCoin
Unlike the market meltdown that affected crypto prices generally, TrumpCoin’s price crashed because liquidity was pulled, according to Dexscreener data. Initially, crypto enthusiasts on X accused Shkreli of rugging DJT tokens. However, he claims he does not have the keys to the token contract, directing responsibility to Barron Trump.
“Certainly what it looks like.”
https://twitter.com/MartinShkreli/status/1820703533454270975
“Well, not me. Only person I know to have the keys is BT.”
https://twitter.com/MartinShkreli/status/1820703312070472130
Shkreli said that TrumpCoin “was made by Barron, a third guy, and myself.” However, the claim of Trump’s involvement in the project has been contentious over recent months. TrumpCoin rallied in June on claims that it was related to Trump’s camp and issued by Barron. This was first reported by Pirate Wires, which claimed that Donald Trump was launching an official token called DJT with his son, citing some “conversations.”
“Hey @RowdyCrypto! It was made by Barron, a third guy, and myself. I think I went through this story a million times. I don’t have the keys. glhf.”
https://twitter.com/MartinShkreli/status/1820702569259294776
解説
- The dramatic plunge of TrumpCoin （DJT） highlights the volatility and risks associated with meme coins, especially those tied to public figures and controversial personalities.
- Martin Shkreli’s accusation against Barron Trump underscores the complexities and potential for internal conflicts within crypto projects.
- The lack of verification regarding Barron Trump’s involvement with TrumpCoin points to the importance of transparency and credible partnerships in the crypto industry.
- The incident serves as a cautionary tale for investors, emphasizing the need for due diligence and awareness of the risks of investing in highly speculative assets.
- This situation reflects broader challenges in the crypto market, where the intersection of celebrity influence and financial speculation can lead to significant volatility and investor losses.