šØ TRUMP MEMECOIN DJT CRASHES 90% š
š„ Amidst a broad crypto market downturn, the Solana-based meme-coin TrumpCoin (DJT), which uses former U.S. President Donald Trumpās name and image, saw a catastrophic price drop. On August 6, DJT plummeted from $0.00555 per token to $0.000229 marking a 95% decline. The token is currently trading around $0.000490 at -90%.
š TRUMPCOIN'S MASSIVE DROP
š Data from Birdeye reveals that despite the price crash, DJT's volume surged by 35,501%, with 1,736% more traders in the last 24 hours. The tokenās total value locked (TVL) stands at $23.1 million, indicating significant trading activity amid the turmoil.
š BROADER MARKET DOWNTURN
š„ The tokenās fall coincides with the crypto marketās worst three-day sell-off in a year. On August 5, the market shed over $500 billion in market capitalization, with Bitcoin (BTC) and Ether (ETH) dropping 10% and 18%, respectively. This sell-off was mirrored by stagnating equities, as the S&P 500 fell 4.4% due to weak U.S. employment data and disappointing tech earnings.
š¤ TRUMPCOIN NOT AFFILIATED WITH TRUMP
š£ āPharma Broā Martin Shkreli, who spent over six years in prison for securities fraud, claimed involvement in creating TrumpCoin, sparking rumors of official endorsement by Donald Trump. Shkreli alleged that Barron Trump, with his father's approval, launched the memecoin, and influencer "Ansem" was also involved.
š DENIALS AND RUMORS
š Speculation over Trump's involvement led to millions in bets on Polymarket, with over $6.3 million wagered on the token's legitimacy. However, Trump has not issued an official statement, and his close aide, Roger Stone, denied any connection between Trump or his son and the memecoin.
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