The Collapse Of The Trump-themed “DJT” Token By Martin Shkreli
- 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 dollars.
As anticipated, the value of the DJT token, created on the blockchain of Solana and inspired by Donald Trump, has plummeted by 90%. This occurred after a single wallet made a massive sale of 2 million dollars in a single transaction.
This operation caused the market capitalization of the token to plummet from 55 million dollars to just 3 million dollars in a few seconds.
The portfolio identified as “4UGm6” owned 20% of the entire DJT token supply and cashed out 15,500 SOL from the transaction.
Subsequently, he transferred his holdings into four different portfolios, according to what was reported by the social crypto application @0xppl_.
The DJT was launched at the beginning of June and quickly attracted attention, with speculations regarding a possible link with the Republican candidate Donald Trump and his son Barron.
The cryptocurrency groups on X have expressed doubts about the identity of the creators of the token, given its extraordinary performance initially.
On June 18, Martin Shkreli, known as “Pharma Bro,” revealed that he had collaborated with Barron Trump in the creation of the token, despite initially denying any involvement.
Shkreli has confirmed that he assisted Barron in the creation and promotion of the token on X.
The investigations carried out around June 19 revealed that the DJT Telegram channel shared the same administrators as another token supported by Shkreli.
Furthermore, a large holder of DJT had made profits by selling tokens worth approximately $830,000 from a wallet that also contained tokens of Shoggoth.ai, another project by Shkreli.
Reactions and statements
The Trump campaign has not released official statements regarding the DJT token or the alleged involvement of Barron.
In the meantime, Shkreli has tried to distance himself from the price crisis, accusing Barron Trump of being responsible for the decline. Shkreli has repeatedly claimed not to own any DJT tokens nor the private keys that control the token’s liquidity pools.
“Ask Barron, I don’t have the keys or the tokens,” Shkreli stated in a post on X, accompanied by a chart showing the drastic drop in the token’s price.
ask barron, i dont have the keys or any tokens
— Martin Shkreli (e/acc) (@MartinShkreli) August 6, 2024
He also added that his role was only to make it clear that the token was legitimate, but he did not foresee that such a bear collapse could occur.
With these statements, Shkreli has attempted to clarify his position, while the value of the DJT token continues to fluctuate in a turbulent market.
Trump’s plan to transform the United States into the global leader of Bitcoin mining
Former President Donald Trump has recently put forward an ambitious project to position the United States as the global leader in Bitcoin mining (BTC). An initiative that could have profound repercussions on the national energy and technology sector.
Trump has suggested that the mining of all remaining Bitcoin should take place exclusively in the United States.
An objective that, although technically difficult due to the decentralization of the sector, stimulates reflections on the potential for American growth in this field.
Currently, the United States contributes to 37.8% of global Bitcoin mining. However, it is hypothesized whether it is possible to reach or exceed 90% by 2024.
This plan could revolutionize the economic and technological landscape of the United States, with an impact that transcends political divisions.
Encouraging more flexible regulation and promoting competition in the energy sector could significantly reduce electricity costs and improve the competitiveness of American mining.
At the same time, tax simplification could attract greater investments, stimulating innovation and creating new job opportunities.
