No one surprised as DJT token has finally rugged
In what can only be called an expected turn of events, the Donald J. Trump token, started as a meme coin by Martin Shkreli, supposedly with the help of Barron Trump and another underage individual, has seen all of its liquidity pulled and the price come crashing down to earth.
After the denial of involvement from the Trump team and family — regardless of whether or not Barron was actually involved — this was entirely predictable.
Is there any proof of Barron’s involvement?
While ‘pharma bro’ Shkreli tried desperately for over a month to convince all of cryptocurrency X (formerly Twitter) that Barron was responsible for the token, no one has been able to definitively prove that anyone in the Trump family was involved.
Barron Trump’s numerous social media accounts were either deleted or taken private during that period.
The token made a huge splash in June when Pirate Wires, a media organization with ties to Peter Thiel’s Founders Fund, reported that Barron was involved in what they called ‘an official Trump token.’ This was objectively false.
Read more: Opinion: Pirate Wires’ Trump token reporting was irresponsible and lazy
However, after the flood of social media signaling from many close to the Trump camp the token saw its price briefly rocket in price before plummeting once it was realized that Martin Shkreli was the individual who created the coin.
Allegations of Shkreli taking advantage of an 18-year-old Barron Trump and Barron’s 17-year-old friend began to swirl. Shkreli took to X to deny the claims, saying that he simply helped them set it up, get in contact with influencers, and then handed the private keys off. He also stated that he was not offered any meaningful allocation of tokens.
What happened to the coin?
Basically, all of the locked value — millions of dollars in Solana — was taken out by an unknown party. The rug-pull was first noticed and tweeted about by @tomkysar, though the tweets have since been deleted. The exit likely netted the rug-puller a couple of million dollars in Solana.
Immediately, numerous accounts began to accuse Shkreli of taking the money, but he’s adamant that he wasn’t involved and that only Barron Trump or Barron’s best friend would be able to take the liquidity and run.
The DJT token is now down over 90% from all-time highs, currently trading for $0.0004. Whether there will be any ramifications — legal or otherwise — for anyone involved remains to be seen.
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