TrumpCoin (CRYPTO: DJT), a Solana (CRYPTO: SOL) based meme coin featuring the name and image of former U.S. President Donald Trump, collapsed following the broader market downturn.
What Happened: On Aug. 6, TrumpCoin plummeted from $0.00555 per token to $0.000229, marking a near 98% drop.
The token briefly rebounded, and its price is currently around $0.0004777.
Data from token price tracker Birdeye revealed that despite the price crash, trading volume for TrumpCoin surged by 35,501%, with a 1,736% increase in traders over the past 24 hours.
Additionally, the market capitalization of TrumpCoin stands at $23.1 million, according to Birdeye.
The meme coin gained attention in June when Martin Shkreli, also known as “Pharma Bro” and who served over six years in prison for securities fraud, claimed involvement in the creation of TrumpCoin.
Shkreli asserted that the token was an official project of former President Trump.
Also Read: Bitcoin, Ethereum ETFs See Mixed Flows As Donald Trump Doubles Down On Crypto
He further alleged that Barron Trump, Trump’s 18-year-old son, launched the meme coin with his father’s approval, and that influencer “Ansem” was also involved.
This speculation led to a flurry of activity on the crypto betting site Polymarket, where over $6.3 million was wagered on whether Trump was genuinely involved with the token.
Although Trump has not officially commented on the matter, Roger Stone, a close aide to the former president, has denied any involvement of Trump or his son with TrumpCoin.
What’s Next: The volatility and speculation surrounding TrumpCoin highlight the unpredictable nature of the crypto market.
These developments will likely be a topic of discussion at Benzinga’s Future of Digital Assets event on Nov. 19, where industry leaders and investors will gather to explore the latest trends and strategies in the evolving world of digital assets.
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