MAGA (TRUMP), the largest memecoin inspired by Donald Trump, experienced a significant drop of almost 60% earlier this week amidst rumors that the former president was considering launching his own cryptocurrency.
Speculation centered around another coin called Trumpcoin (DJT) on the Solana (SOL) network, which some sources claimed was being introduced by Trump and his son Barron. Arkham, a blockchain “de-anonymizing” platform, offered a $150,000 reward to uncover the true identity of the individual behind DJT.
Renowned blockchain investigator Zachxbt responded to the reward and revealed that during his investigation, investor Martin Shkreli, also known as “Pharma Bro,” contacted him on the social media platform X with alleged proof that he and Barron Trump were involved in the creation of DJT.
Despite these claims, no concrete evidence has emerged linking anyone from the Trump family to DJT, and neither the former president nor his son have made any public statements regarding the coin.
Initially, DJT quickly attained a market capitalization of nearly $467 million. However, as skepticism surrounding the project grew, the coin’s value plummeted by 83%, currently standing at a market cap of $82.8 million with only $47,000 in liquidity.
According to Dexscreener, an insider was able to make a substantial profit by acting on advance knowledge of the coin’s launch, turning $9,400 into approximately $1.03 million worth of SOL.
Ryan Selkis, CEO of Messari, a prominent crypto analytics firm, disclosed that he had been contacted by parties associated with Shkreli’s coin and hinted at forthcoming revelations.
As of the latest update, TRUMP, the leading “PolitiFi” memecoin, has partially recovered from its losses and is now trading at $8.34.
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