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MAGA (TRUMP), currently the biggest memecoin inspired by Donald Trump, collapsed nearly 60% early this week amid rumors that the former president was planning on launching his own coin.
Speculation revolved around another coin on the Solana (SOL) network called Trumpcoin (DJT), which some outlets reported as being launched by Trump and his son Barron.
Blockchain “de-anonymizing” platform Arkham put out a $150,000 bounty to determine the true identity of whoever launched DJT.
Renowned blockchain investigator Zachxbt responded to the bounty, and reported that midway through his probe, investor Martin Shkreli – also known as “Pharma Bro” – messaged him on the social media platform X with alleged evidence that he, with the involvement of Barron Trump, were behind the launch of DJT.
However, no evidence has surfaced that links anyone in the Trump family to DJT, nor has the former president or his son made any statements regarding the coin.
According to Dexscreener, DJT quickly reached a market cap of nearly $467 million. However, at time of writing, the coin has dropped about 83% as doubt around the legitimacy of the project builds and is now sitting at a market cap of $82.8 million with only $47,000 in liquidity.
According to blockchain tracking firm Lookonchain, an insider was able to make 110X their initial investment by front-running the reports of the launch of the coin, flipping $9,400 into about $1.03 million worth of SOL.
“Another insider bought a large amount of DJT (TrumpCoin) before the post and made more than $1M with a cost of only $9,400!
This insider created a new wallet 3 days ago and withdrew 72 SOL from Binance.
He spent 67.1 SOL ($9,400) to buy 58.87M DJT, then sold for 7,387 SOL ($1.03M) and 10,241 $USDC.
Making ~$1.03M, a gain of 110x!”
Ryan Selkis, CEO of prominent crypto analytics firm Messari and advocate for the industry says he was contacted by entities involved with Shkreli’s coin, and says he will reveal his “findings” soon.
At time of writing, TRUMP, still the biggest “PolitiFi” memecoin, has recovered some of its losses and is back trading at $8.34.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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