MAGA (TRUMP), currently the largest Donald Trump-inspired meme coin, crashed nearly 60% earlier this week amid rumors that the former president was planning to issue his own coin.
Speculation has revolved around Trumpcoin (DJT), another coin on the Solana (SOL) network, with some media outlets reporting report It is said to have been launched by President Trump and his son, Barron.
Blockchain ‘de-anonymization’ platform Arkham raises $150,000 Prize Money To discover the true identity of the person behind DJT.
Well-known blockchain researcher Zachxbt responded to the bounty, report Midway through the investigation, investor Martin Shkreli (aka “Pharma Bro”) sent him messages on social media platform X that contained evidence alleging he was behind the launch of DJT along with the involvement of Barron Trump.
However, no evidence has emerged linking the Trump family to DJT, and neither the former president nor his son have made any statements about the coin.
According to Dexscreener, DJT’s market cap quickly reached nearly $467 million. However, as of this writing, the coin has fallen by approximately 83% as doubts about the project’s legitimacy grow, and it now has a market cap of $82.8 million with just $47,000 liquidity.
According to the blockchain tracking company: Look on ChainAn insider got early access to reports of the coin’s launch and managed to resell $9,400 into approximately $1.03 million worth of SOL, making a 110x profit on their original investment.
“Another insider purchased a large amount of DJT (Trump Coin) prior to the post, making over $1 million at a cost of just $9,400!”
The 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 it for 7,387 SOL ($1.03M) and 10,241 $USDC.
That’s about $1.03 million in profit, a 110x profit!”
Ryan Selkis, CEO of prominent crypto analysis firm Messari and an industry advocate, said: contacted by entities connected to Shkreli’s coin; and To tell He will reveal his “discovery” shortly.
At the time of writing, it is still the largestPolitifyThe meme coin recovered some of its losses and resumed trading at $8.34.
Don’t miss out on the latest news – subscribe to receive email alerts directly to your inbox
Check price trends
follow me X, Facebook and telegram
Browse the daily Hodl mix
 
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies and digital assets. Transfers and transactions are at your own risk and you are responsible for any losses incurred. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: On the road
