Author: Nancy, PANews
PolitiFi is the focus of this bull market. Recently, MEME coin DJT has become popular due to rumors of "the purest Trump concept coin", but then a story of twists and turns that is difficult to distinguish between true and false was staged. In the end, the mysterious trader - Martin Shkreli, the most hated pharmaceutical guy in the United States, was also offering a reward. He had no choice but to reveal his identity.
It is difficult to distinguish between true and false, using information asymmetry and public opinion to create influence
As a strong candidate in the U.S. presidential election, Trump-related MEME tokens have become the subject of market speculation, especially since he used cryptocurrency as a campaign strategy, which has driven the emotional value of investors.
On June 18, the foreign media "Pirate Wires" tweeted, "There are rumors that Trump is launching the official token $DJT on Solana," but the media did not disclose the source of the news.
A number of media outlets have also participated in DJT-related reports. For example, "Fox Business" stated in the report, "Although it is impossible to confirm the direct or indirect relationship between DJT tokens and Trump, people related to the former president plan to sell at least two "A digital currency will be launched within this month. Trump may beat around the bush and say this is not true," and said in the social controversy that he would no longer report relevant news.
However, Bo Loudon, a well-known Trump supporter, published an article claiming that "DJT is the only real Trump token" (now deleted), which added more credibility to DJT. Multiple Trump series tokens also fell collectively due to this impact. Some investors are even willing to dump TRUMP, the leading token worth millions. Looking at DJT, the market value of the token once exceeded the $400 million mark.
In addition, the huge bet also adds more highlights to DJT. Martin Shkreli, the former president of Turing Pharmaceuticals (pharmaceutical brother), while suggesting that DJT is Trump’s official token and “calling for orders” for the token, made millions or even hundreds of millions of dollars in bets with a number of crypto KOLs For example, GCR and Martin Shkreli made a $100 million bet on whether DJT will be launched for Trump. Who would have expected that the top executive of this pharmaceutical giant would be the real manipulator.
While the community is doubtful, the blockchain data company Bubblemaps issued an analysis stating that DJT is actually not related to Trump. About 67% of DJT supply is concentrated in one cluster, and 43% of the total supply is located in Solana ecological automation. On top of market maker Raydium.
On-chain detectives finally solved the case, and the issuer urgently blew himself up
In order to find the real mastermind behind DJT, the on-chain data analysis platform Arkham also stated that Arkham Intelligence will provide a $150,000 bounty to any user who can clearly prove the identity of the issuer of the Trump-themed Solana on-chain token DJT. Subsequently, on-chain detective ZachXBT stated on the platform that he had submitted a bounty application to Arkham for the identity of the DJT token issuer.
ZachXBT tweeted, "Martin Shkreli urgently messaged me privately after I announced that I had submitted a bounty application for DJT token issuer information to Arkham, and then issued a temporary statement announcing that he had issued the token. It's really funny." He also said , "Should we reveal the insider friend who Martin recommended to buy before Mike Solana/Pirate Wires posted?" In addition, some community members revealed that Martin Shkreli was one of the first members of DJT's TG community, and the administrator came from Martin's previous project. . Perhaps to reverse the passive situation, Martin Shkreli took the lead in revealing his identity at the Space event on X.
Martin Shkreli is the co-founder of the hedge fund MSMB Capital Management and the former CEO of Turing Pharmaceuticals. He rose to fame after making a fortune betting against a number of pharmaceutical companies as a teenager. In 2018, Martin Shkreli was arrested by the FBI and sentenced to seven years in prison for securities fraud and wire fraud. Because Martin Shkreli once raised the price of a life-saving drug by more than 55 times, the BBC called him "the most hated man in the United States" and was banned from entering the pharmaceutical industry for life. Trump also described Martin Shkreli as a "spoiled brat, which is a disgrace."
Turing Pharmaceuticals faces protests for raising drug prices Source: Associated Press
Shortly after Martin Shkreli was released early in May 2022, the "pharmaceutical brother" immediately moved to Web3. Martin Shkreli founded Web3 drug discovery startup Druglike and raised $3 million in funding. For this reason, the US Federal Trade Commission (FTC) also took Martin Shkreli to court, but the latter stated that the company was not a drug company. Martin Shkreli also operates in the crypto market. The token he launched, Martin Shkreli Inu (MSI), plummeted after a large number of tokens were sold. Now it has fallen by more than 96% from its highest point.
Martin Shkreli is also very active in the crypto field. In addition to sharing prison survival advice with the SBF, he also revealed that he holds some cryptocurrencies and NFTs such as Milady. Recently, he was also convicted of copying the previously confiscated album of the American hip-hop music group Wu-tang Clan. Sued by crypto art collection platform PleasrDAO, the album is now on sale as a $1 NFT.
DJT token plummets, insiders profit and exit
As the operator behind DJT was revealed, DJT tokens began to plummet. Dex Screener data shows that DJT's highest intraday decline was nearly 66.7%, and its market value was only about one-third of its peak.
At the same time, many insiders made profits and were out. According to Lookonchain monitoring, the third largest holder of DJT (possibly an insider) had spent 1,363 SOL (approximately US$188,000) to purchase 5,209 SOL before the rumors of DJT spread. 10,000 DJT, the wallet earned approximately US$1.04 million in SOL in just 2 days; another insider (insider trader) also spent only US$9,400 to earn more than US$1 million, an increase of 110 times; a certain DJT The large user verso.sol sold $832,000 worth of DJT tokens. This address is also a large holder of Martin's other project Shoggoth.
In contrast, many investors suffered heavy losses. Lookonchain monitors that a trader spent 2,500 SOL (approximately US$342,100) to purchase 91,705.6 DJT on June 18, but only recovered 4.91 SOL (US$673) when he sold it, losing 34.14 minutes in less than 1 minute. Thousands of dollars in damage to this user may have been caused by a sandwich attack.
"When I get out of prison, I will be richer than before." Martin Shkreli once said in prison. Where the money is, Martin Shkreli is there, and now it seems that the encryption field is becoming a profitable "new business opportunity" for Martin Shkreli after he is released from prison.
(The above content is excerpted and reprinted with the authorization of our partner PANews, original text link)
Statement: The article only represents the author's personal views and opinions, and does not represent the objective views and positions of the blockchain. All contents and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and transactions, and the author and Blockchain Client will not be held responsible for any direct or indirect losses caused by investors' transactions.
"The plot of Trump's concept coin DJT: the issuer is actually a "pharmaceutical brother", and the token fell by more than 60% within the day" This article was first published in "Blocker".