DJT Memecoin Associated With Martin Shkreli Crashed 90% After Developer Dumped $2M of Tokens

Fueled by social media posts from the likes of Asymmetric founder Joe McCann and Barron Trump's friend Bo Loudon, the market was led to believe DJT would eventually become an officially endorsed Donald Trump memecoin, which sent the price up 400% in 4 hours.

A memecoin linked to former President Donald J Trump ($DJT) has crashed by nearly 90% after a wallet connected to the developer sold $2 million worth of tokens in a single transaction.

The seller was given 2 billion DJT tokens, or 2% of the total supply, from the token’s mint address two months ago. They then proceeded to dump their entire stack in a single transaction early Tuesday morning, sending the token’s market cap to $2 million from $55 million in a matter of seconds.

Prompted by social media posts from Asymmetric founder Joe McCann and Barron Trump’s friend Bo Loudon, the market was led to believe DJT would eventually become an officially endorsed Donald Trump memecoin, which sent the price up 400% in 4 hours.

Over the next two days onchain sleuth ZachXBT unveiled that former convict Martin Shkreli spearheaded the token. Shkreli claims Barron Trump was originally involved. Whether that’s true or not, it’s clear that Shkreli proceeded to run the show and control the token.

Shkreli is now pointing the finger at Barron, and responded to criticism on social media saying, “not me. Only person I know to have the keys is BT,” insinuating that the 18 year-old rugged the token.

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