Trump-Linked DJT Token Plunges 90%
Date: 2024-08-08 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
The DJT token allegedly linked to Donald Trump and his son Barron has lost 90% of its value after a holder sold $2 million worth of tokens, sending its market cap plummeting from $55 million to $3 million in a matter of seconds.
Martin Shkreli, known as "Pharma Bro," previously claimed to have helped Barron Trump create the token and promoted it heavily on social media. Shkreli blamed Barron for the token's price crash, claiming that he does not own DJT tokens himself or have access to the private keys that control the token's liquidity.
The DJT token was released in early June and quickly gained popularity and market cap thanks to rumors of its direct connection to Donald Trump and his son Barron. Cryptocurrency communities on the X platform (formerly known as Twitter) have been actively speculating about the identity of the token’s creator given its rapid growth.
On June 18, Martin Shkreli claimed that he and Barron Trump created the DJT token, after initially denying his involvement. He said that he helped Barron issue the tokens and popularize them on social media.
Around June 19, blockchain analysts discovered that the DJT Telegram channel was run by the same administrators as another token backed by Shkreli. One of the major holders of DJT tokens and Shoggoth.ai, another Shkreli project, made significant profits during the period when Shkreli publicly supported the token. One major DJT holder sold about $830,000 worth of tokens from a wallet containing millions of dollars in SHOGGOTH tokens.
There has been no official comment from Donald Trump's campaign or Barron himself regarding their involvement in the DJT token. However, Shkreli has blamed Barron for the token's price crash, claiming that he does not have access to the keys or tokens.
"Ask Barron, I do not have the keys or tokens," Shkreli wrote in a post on X, along with a chart showing the token's price drop. "I helped create it knowing it was an official Trump token and not something like that," he added in a response to another post.
A wallet with the address '4UGm6' held 20% of the total supply of DJT tokens and received 15,500 SOL from this transaction, after which it transferred the funds to four different wallets, as reported by the cryptocurrency app @0xppl_.
Thus, the situation around the DJT token continues to remain unclear, causing many questions and speculations among crypto enthusiasts and investors.
