TrumpCoin DJT Plunges by 95% Amid Broader Market Decline

The virtual currency market has seen its fair share of dramatic events, from unprecedented price spikes to rug pulls. However, the recent turmoil involving TrumpCoin (DJT), a Solana-based memecoin named after former U.S. President Donald Trump tops the chart.

The token was launched with considerable fanfare and controversy, thereby causing a catastrophic price drop. On August 6, it plunged 95% from $0.00555 to $0.000229 before staging a minor recovery to around $0.000430.

TrumpCoin Price Drop

The decline in TrumpCoin's value occurred during a broader market downturn, which saw the total crypto market capitalization lose $500 billion. Bitcoin and Ether, the two largest digital assets, fell by 10% and 18%, respectively, contributing to the market's woes.

The sell-off also coincided with a 4.4% drop in the S&P 500, driven by disappointing employment data and weaker-than-expected earnings from major U.S. tech companies.

Despite the rash price drop, TrumpCoin's trading activity skyrocketed. According to Birdeye, a token price tracker, the token's trading volume surged by 35,501%, and the number of traders increased by 1,736% over the last 24 hours.

Moreover, the total value locked (TVL) in TrumpCoin remains at $23.1 million, indicating continued investor interest despite the volatility.

Meanwhile, the curiosity about TrumpCoin intensified on June 19 when Martin Shkreli, the infamous Pharma Bro", publicly claimed involvement in the creation of the memecoin.

Shkreli's statements fueled speculation that the token had the endorsement of Donald Trump himself. He asserted that Trump and his 18-year-old son, Barron, were behind the project, with the influencer Ansem" also allegedly involved.

These claims set off a frenzy of speculation and betting in the crypto community. On the platform Polymarket, over $6.3 million in bets were placed on whether Trump was genuinely connected to the memecoin.

Per conversations, Trump is launching an official token -$DJT on Solana. Barron spearheading.

- Pirate Wires (@PirateWires) June 17, 2024

However, the Trump camp has distanced itself from the token. While Donald Trump has not issued an official denial, his close assistant, Roger Stone, has categorically dismissed any connection between the former president, his son, and TrumpCoin.

For now, TrumpCoin's future remains uncertain, with its dramatic price movements highlighting both the risks and the speculative attraction of the crypto world.

Other Memecoins Boosts Initial Investment by 94 Times

Still on memecoins, a savvy trader recently transformed an $8,500 investment into a staggering $800,000 in just one hour, thanks to a Solana-based memecoin named CTO."

On August 1, Lookonchain, a blockchain analytics platform, spotlighted this trader's impressive move.

A trader made 4,721 $SOL($802.5K) on $CTO in just 1 hour, a gain of 94x! @RaydiumProtocol launched a #MEMEcoin $CTO on @makenowmeme about 1 hour ago.

This trader spent 50 $SOL($8.5K) to buy 256.8M $CTO and was the 3rd address to buy $CTO.

He then sold 227.67M $CTO for 4,771... pic.twitter.com/rSKOTVknx7

- Lookonchain (@lookonchain) August 1, 2024

They purchased over 256 million CTO tokens using 50 Solana tokens, valued at approximately $8,500. The trader was one of the first three to invest in this new memecoin.

In a remarkable turnaround, the trader sold 227 million of these tokens within an hour, netting 4,771 SOL, which translates to a profit of around $800,000. Moreover, this isn't the trader's first success, having also earned $104,000 from a $3,400 investment in another token, PFI.

While some view this individual as a skilled memecoin hunter, others speculate that they might have had insider knowledge, fueling debates in the crypto community.

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