- Donald Trump-inspired memecoin MAGA (TRUMP) suffered a significant 60% decline earlier this week amidst rumors of a new cryptocurrency launch linked to the former president.
- The rumor mill is buzzing with speculation about another coin on the Solana (SOL) network dubbed Trumpcoin (DJT), allegedly launched by Trump and his son Barron, according to some reports.
- Blockchain analytics firm Arkham has placed a $150,000 bounty to uncover the real identity behind DJT, capturing the attention of renowned blockchain sleuth Zachxbt.
MAGA memecoin nosedives 60% amid speculation of another Trump-linked cryptocurrency launch.
Trump-Inspired Memecoin MAGA Faces Market Turbulence
Earlier this week, the Donald Trump-themed memecoin MAGA took a nosedive, plummeting approximately 60% due to circulating rumors about a new cryptocurrency venture potentially tied to the former U.S. president. Investors are growing cautious as anticipation rises around another digital coin, Trumpcoin (DJT), speculated to be associated with Trump and his son, Barron, on the Solana network.
Blockchain Firms and Investigators on the Hunt
To unearth the true origin of DJT, Arkham, a blockchain de-anonymizing platform, has posted a $150,000 bounty. Blockchain investigator Zachxbt quickly took up the challenge, delving into the investigation. During his probing efforts, “Pharma Bro” Martin Shkreli surprisingly contacted him via social media platform X, alleging he and Barron Trump are behind DJT’s launch. Despite these claims, no evidence has been presented linking the Trump family to the coin, nor have any formal statements been made by Trump or his son.
Market Performance and Skepticism Surrounding DJT
DJT initially showed promise, reaching a market cap near $467 million according to Dexscreener. Yet, as doubts about the coin’s legitimacy surfaced, its market cap dwindled by 83%, leaving it at approximately $82.8 million with a paltry $47,000 in liquidity. Blockchain tracking firm Lookonchain revealed that an insider took advantage of pre-launch reports, converting a $9,400 investment into a staggering $1.03 million in SOL.
Insider Activities and Future Outlook
Lookonchain’s data disclosed that this insider acquired 58.87 million DJT tokens, later selling them for 7,387 SOL and 10,241 $USDC, marking a 110x profit. In parallel developments, Ryan Selkis, CEO of crypto analytics firm Messari, claimed interaction with parties related to Shkreli’s coin, promising to unveil his findings shortly. Despite ongoing speculation and investigations, MAGA has rebounded slightly, currently trading at $8.34 per token.
Conclusion
The MAGA memecoin’s volatile ride highlights the speculative and high-stakes nature of the crypto market, particularly with assets tied to high-profile figures like Donald Trump. While crypto enthusiasts eagerly await clarity on these developments, market participants should exercise due diligence and remain cautious about potential market manipulation and insider trading. Keep an eye on upcoming disclosures that might shed light on the true masterminds behind Trumpcoin (DJT).
