Donald J Trump Memecoin Rugpulls

The DJT token led by Martin Shkreli, who alleged Barron Trump was involved, plummeted 88% in one massive sell.

The controversial Donald J Trump ($DJT) memecoin fell by nearly 90% after a wallet associated with the developer unloaded $2 million worth of tokens in a single transaction.

The seller received 2 billion DJT tokens, or 2% of the entire supply, from the token’s mint address two months ago. They proceeded to dump their full stack in a single transaction early Tuesday morning, sending the token’s market capitalization to $2 million from $55 million in a matter of seconds.

Fueled by social media posts from the likes of Asymmetric founder Joe McCann and Barron Trump’s friend Bo Loudon, the market was led to believe DJT would eventually become an officially endorsed Donald Trump memecoin, which sent the price up 400% in 4 hours.

Over the next two days onchain sleuth ZachXBT unveiled that former convict Martin Shkreli spearheaded the token. Shkreli says Barron Trump was originally been involved. Whether that’s true or not, it’s clear that Shkreli proceeded to run the show and control the token.

Shkreli is now pointing the finger at Barron, and responded to criticism on social media saying, “not me. Only person I know to have the keys is BT,” insinuating that the 18 year-old rugged the token.