TRUMP Memecoins Collapse Following Rumors Former President Gearing Up To Launch Official Coin
MAGA (TRUMP), presently the largest memecoin impressed by Donald Trump, collapsed almost 60% early this week amid rumors that the previous president was planning on launching his personal coin.
Hypothesis revolved round one other coin on the Solana (SOL) community referred to as Trumpcoin (DJT), which some shops reported as being launched by Trump and his son Barron.
Blockchain “de-anonymizing” platform Arkham put out a $150,000 bounty to find out the true id of whoever launched DJT.
Famend blockchain investigator Zachxbt responded to the bounty, and reported that halfway by way of his probe, investor Martin Shkreli – also referred to as “Pharma Bro” – messaged him on the social media platform X with alleged proof that he, with the involvement of Barron Trump, have been behind the launch of DJT.
Nevertheless, no proof has surfaced that hyperlinks anybody within the Trump household to DJT, nor has the previous president or his son made any statements relating to the coin.
In response to Dexscreener, DJT rapidly reached a market cap of almost $467 million. Nevertheless, at time of writing, the coin has dropped about 83% as doubt across the legitimacy of the mission builds and is now sitting at a market cap of $82.8 million with solely $47,000 in liquidity.
In response to blockchain monitoring agency Lookonchain, an insider was in a position to make 110X their preliminary funding by front-running the studies of the launch of the coin, flipping $9,400 into about $1.03 million value of SOL.
“One other insider purchased a considerable amount of DJT (TrumpCoin) earlier than the put up and made greater than $1M with a value of solely $9,400!
This insider created a brand new pockets 3 days in the past and withdrew 72 SOL from Binance.
He spent 67.1 SOL ($9,400) to purchase 58.87M DJT, then bought for 7,387 SOL ($1.03M) and 10,241 $USDC.
Making ~$1.03M, a acquire of 110x!”
Ryan Selkis, CEO of distinguished crypto analytics agency Messari and advocate for the trade says he was contacted by entities concerned with Shkreli’s coin, and says he’ll reveal his “findings” quickly.
At time of writing, TRUMP, nonetheless the largest “PolitiFi” memecoin, has recovered a few of its losses and is again buying and selling at $8.34.
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