DJT Token Plummets 90% Following Major Sell-Off by Key Wallet

DJT Token Sees Dramatic 90% Drop After Major Sell-Off

The DJT token, themed around Donald Trump and operating on the Solana blockchain, experienced a staggering 90% drop earlier on Tuesday. This sharp decline followed a single wallet’s decision to liquidate $2 million worth of tokens in one swift transaction, causing the market capitalization to plummet from $55 million to just $3 million in mere seconds.

The wallet known as ‘4UGm6’ was significant, holding around 20% of the total DJT token supply. After the sale, it amassed an impressive 15,500 SOL, subsequently distributing its holdings to four different wallets, as noted by the crypto social application @0xppl_.

Launched in early June, the DJT token quickly surged in popularity and market capitalization, fueled by rumors linking it directly to Republican candidate Donald Trump and his son Barron. As its value skyrocketed, many in crypto communities on X began to speculate about the true identity of those behind the token, especially considering its rapid growth.

On June 18, Martin Shkreli, often referred to as “Pharma Bro,” made headlines by claiming that he and Barron Trump were the creators of the DJT token, despite initially denying any involvement. He asserted that he assisted Barron in issuing the tokens and played a role in boosting their visibility on the platform.

By June 19, blockchain analysts uncovered that the DJT token’s Telegram channel appeared to share administrative personnel with another token that was being promoted by Shkreli. Additionally, a notable investor who held large amounts of both DJT and Shoggoth.ai, another project linked to Shkreli, had profited significantly during Shkreli’s public endorsement of the token. One prominent DJT holder even sold nearly $830,000 worth of DJT tokens from a wallet that also contained millions in SHOGGOTH tokens around mid-June.

Despite the tumultuous events surrounding the DJT token, the Trump campaign has remained silent, with no official commentary regarding Barron’s involvement in the project. In an unexpected twist, Shkreli seemed to attribute the recent price plunge to Barron, repeatedly insisting that he did not possess any DJT tokens and had not provided access to the private keys controlling its liquidity pools.

“Ask Barron, I don’t have the keys or any tokens,” he stated in an X post, accompanying his comment with a graph illustrating the token’s dramatic price drop. He further elaborated, “I helped make it with the understanding that it was the official Trump token, not that this would happen,” in response to another post on X.