The DJT Token Plummets by 90%
The DJT token, based on Solana blockchain and inspired by Donald Trump, has experienced a significant drop of 90% after a single wallet sold tokens worth $2 million in a single transaction. This led to the market capitalization of the token decreasing from $55 million to just $3 million in a matter of seconds.
- The wallet identified as “4UGm6” owned 20% of the DJT token supply and cashed out 15,500 SOL from the transaction.
- The wallet then transferred the holdings into four different portfolios, as reported by the social crypto application @0xppl_.
- The DJT token was launched in early June and quickly garnered attention, sparking speculations about its potential connection to Donald Trump and his son Barron.
Creators and Speculations
Crypto communities initially expressed doubts about the creators of the DJT token due to its remarkable performance. Martin Shkreli, also known as “Pharma Bro,” later revealed that he had collaborated with Barron Trump in creating the token, despite denying involvement at first.
- Shkreli confirmed his assistance in the token’s creation and promotion on X.
- Further investigations revealed that the DJT Telegram channel shared administrators with another token supported by Shkreli.
- A significant holder of DJT made profits by selling tokens worth approximately $830,000 from a wallet containing tokens of another Shkreli project, Shoggoth.ai.
Reactions and Statements
The Trump campaign has not issued official statements regarding the DJT token or Barron’s alleged involvement. Meanwhile, Shkreli has distanced himself from the price crisis, blaming Barron Trump for the decline.
- Shkreli claimed not to own any DJT tokens or the private keys controlling the token’s liquidity pools.
- He stated that his role was to legitimize the token and did not anticipate such a significant price drop.
Trump’s Vision for Bitcoin Mining in the US
Former President Donald Trump has proposed a bold initiative to establish the United States as the global leader in Bitcoin mining. This plan could have far-reaching implications for the national energy and technology sectors.
- Trump suggests that all remaining Bitcoin mining should occur exclusively in the United States, aiming to increase the country’s share from 37.8% to potentially over 90% by 2024.
- This strategy could transform the US economic and technological landscape by promoting competition, reducing electricity costs, and attracting greater investments.
Potential Impact
By encouraging flexible regulations and fostering innovation, the US could position itself as a dominant force in Bitcoin mining, creating new job opportunities and enhancing its global competitiveness.
Hot Take: DJT Token Faces 90% Drop
Crypto news: The token “DJT” themed Trump, issued by Martin Shkreli, has suffered a drastic drop of 90% after a single wallet sold tokens worth $2 million.
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