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As the crypto market continues to decline, a Solana-based memecoin token using former US President Donald Trump’s name and image has significantly lost value. On August 6, TrumpCoin (DJT) dropped from $0.00555 to $0.000229 per token before briefly recovering. This represents a 95% drop in token price, currently trading at $0.000430.
What’s Happening with DJT?
Data from token price tracker Birdeye also showed that amid the price drop, its volume increased by 35,501%, and the number of investors grew by 1,736% in the last 24 hours. According to Birdeye, its total locked value (TVL) stands at $23.1 million.
The token’s decline came a day after the broader crypto market witnessed its largest three-day sell-off in a year. On August 5, when Bitcoin and Ethereum prices fell by 10% and 18% respectively, the market lost at least $500 billion in total market value.
The sell-off coincided with a stagnation in stock markets, with the S&P 500 dropping by 4.4% during the same period. The market also seemed affected by weak employment data and lower-than-expected results from leading technology firms.
Details on the Matter
On June 19, Martin Shkreli, known as Pharma Bro and who served over six years in prison for securities fraud, claimed involvement in the creation of the memecoin, suggesting it was an official project of the former president.
Shkreli also claimed that Trump was genuinely behind the memecoin project. In June, Shkreli alleged that the former president’s 18-year-old son, Barron Trump, launched the memecoin with his father’s approval. The former hedge fund manager also claimed that Ansem was involved in the project.
Speculation about Trump’s involvement in the token led to millions of transactions. According to crypto prediction site Polymarket, over $6.3 million in predictions were made regarding the token’s authenticity. While Trump has not made an official statement denying his relationship with the token, Roger Stone, a close aide to Trump, denied any involvement of the former president or his son in the memecoin project.
