DJT Memecoin Skyrockets 400% After Rumored Link to Donald Trump, Then Crashes as Creator Is Revealed to Be Martin Shkreli

The token skyrocketed by over 400% Monday after The Pirate Wires first reported that the Republican presidential candidate was launching an "official token"

The DJT memecoin, which was initially rumored to be former President Donald Trump's official token, has seen a sharp decline following the revelation that its creator is Martin Shkreli, also known as "Pharma Bro."

The token had experienced a surge of over 400% on Monday after The Pirate Wires first reported that the Republican presidential candidate was launching an "official token" on the Solana blockchain.

However, on Tuesday, YouTube talk show host and marketing director for the MAGA (TRUMP) memecoin Steven Steele stated that he was "able to confirm first hand with sources close to Donald Trump that neither himself nor Barron Trump have any involvement with scam token $DJT."

Later on Tuesday evening, prominent blockchain intelligence firm Arkham Intelligence announced a $150,000 bounty for the first person who can "definitely prove" the identity of the token in question's creator.

Fuck it, we ball.

$150,000 to the first person to definitively prove the identity of the creator of $DJT. Only on Arkham Intel. https://t.co/cngi98z9Wr

This led renowned crypto sleuth ZachXBT to reveal that Shkreli had sent him a "panic" direct message showing a screenshot of a supposed message exchange with former professional kickboxer and investor Andrew Tate.

For those who are confused and need additional context. Earlier today Arkham announced a $150K bounty for the identity of the DJT creator

11:49 pm UTC I reply to Arkham saying I submitted for the bounty

11:57 pm UTC Martin Shkreli panic DM’s me

12:27 am UTC Martin Shkreli… pic.twitter.com/pKCQDOo7AZ

"Between us please. I have over 1000 pieces of evidence I created it with Barron," the message from Shkreli to ZachXBT showed. Around 30 minutes after sending a message to ZachXBT, Shkreli started a Spaces event wherein he revealed that he is the creator of the controversial memecoin.

Steele posted again early on Wednesday, saying Shkreli admitted that DJT was his project "under mounting duress." The prominent crypto investor also posted a video of what ex-President Trump said about Shkreli when the former pharmaceutical executive was found guilty of securities fraud in 2017. He was sentenced to seven years in prison and was banned for life from the pharmaceutical industry. He was released early in 2022.

Under mounting duress, Martin Shkreli admits that $DJT is his project in a space this evening. Martin was sentenced to prison under President Trump’s watch. President Trump had this to say about Martin at the time:

(See video below)

“He looks like a spoiled brat. I thought it… pic.twitter.com/AnnwqT3hK5

"He looks like a spoiled brat to me...and he's a hedge fund guy who was, you know, the only one that I'm raising taxes – they are going to be paying up. But I thought it was a disgusting thing, what he did," Trump said in the video.

The business magnate was referring to how Shkreli raised the price of antiparasitic medication Daraprim by around 5,000% – from $13.50 to a whopping $750 overnight. Daraprim is a life-saving drug commonly used for AIDS patients and people with suppressed immune systems.

Steele suggested that Shkreli may have created DJT as a "revenge" move against the GOP frontrunner to tarnish his reputation, given how the ex-pharma tycoon was sentenced "under Trump's watch."

On Monday, the buy activity on the DJT token was largely disproportionate to sales. However, the tables have started to flip Wednesday as selling activity has been catching up with traders buying the memecoin, according to GeckoTerminal data.

The one-day-popular memecoin has fallen from grace by over 62% in the last 24 hours. Trump's 2024 campaign has yet to release a statement on the matter. It also remains to be seen whether Arkham will pay ZachXBT's bounty.

News source：https://www.kdj.com/cryptocurrencies-news/articles/djt-memecoin-skyrockets-rumored-link-donald-trump-crashes-creator-revealed-martin-shkreli.html

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