Trump Meme Coin DJT Price Plummets: Developers Engage in 'Rug Pull'

Bittime - TrumpCoin (DJT), a Solana-based meme coin that launched in June, saw its value drop more than 90% after a major selloff that some traders called a “rug pull” by the developer.

TrumpCoin (DJT) Drastic Price Drop

TrumpCoin (DJT), inspired by the Republican presidential candidate, experienced a dramatic 92% price drop on Tuesday after $2 million worth of tokens were sold all at once, causing the token's market cap to drop from $55 million to $3 million in just minutes.

Massive Sales: "Rug Pull" by Developers?

Thomas Perrin, principal investigator at blockchain data visualization startup Bubblemaps, told Decrypt that whoever controlled the wallet "sold 2 billion tokens in one transaction." Even more interesting, he highlighted that the owner of the wallet is the “largest single holder with 20% of the total supply,” and they receive tokens “directly from the minting address.”

Distribution of Funds After Sale

On-chain data curated by crypto social platform 0xPPL shows that the sale proceeds were distributed among four wallets following the sale—which yielded approximately 15,500 SOL, worth over $2.2 million at the time of writing.

Read also: Donald Trump Suggests US Not Selling Bitcoin and Focusing on Energy

The Beginnings of DJT and Its Relationship with Trump

Launched in early June, DJT quickly attracted attention amid speculation of direct involvement from Trump and his son, Barron. The token's rapid growth has sparked curiosity about its origins, especially amid Trump's growing interest in crypto in recent months.

Donald Trump and His Son Barron Are Not Involved in TrumpCoin (DJT)

Roger Stone, Donald Trump's friend and former political consultant, confirmed that neither the former 45th US president nor his son, Barron, are involved in the DJT Solana meme coin that recently made headlines. This comes after DJT, a month-old meme coin, was reported to be Trump's official meme coin. The rumors were unfounded, but speculation and hype nonetheless pushed the coin to a market cap of $383 million. It was finally revealed that Martin Shkreli actually created the token.

Martin Shkreli's Confessions and Controversy

On June 18, controversial figure Martin Shkreli—a former pharmaceutical company executive known as “Pharma Bro” who spent time in federal prison for securities fraud—claimed responsibility for the creation of the DJT token alongside Barron Trump, Donald Trump's son.

Shkreli's Clarification on Token Control

In a conversation on Twitter earlier today, Shkreli wrote that although he contributed to the implementation of the token, he did not have the private keys to control it. He denied being connected to the sale.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.