Solana Memecoin TrumpCoin Crashes Over 99.99% After $2M Sell-Off, Allegedly Launched by Martin Shkreli and Barron Trump

Aug 6, 2024, 08:42 AM

The Solana-based memecoin TrumpCoin (DJT), allegedly launched by Martin Shkreli with the involvement of Barron Trump, experienced a dramatic crash on August 6, 2024. The token plummeted over 99.99%, dropping from a market cap of $52 million to less than $5 million after a single wallet sold $2 million worth of DJT, equivalent to 15.5k Sol. This massive sell-off caused the token's price to fall from $0.00555 to $0.000229. The incident highlights the volatile nature of meme coins in the cryptocurrency market. Trading volume surged by 35,501%, and the total value locked in the token reached $23.1 million. The selling wallet, identified as 4UGm6T3aLabdngv7d3s5y2eNeUSQvCkX6MDuBeE5Mg67, transferred around $500k each to four different wallets.