Trump-Themed ‘DJT’ Token, Issued by Martin Shkreli, Suddenly Dives 90%

As a seasoned crypto investor with over a decade of experience in this wild and unpredictable world of digital assets, I have seen my fair share of market manipulations, pump-and-dumps, and outright scams. The DJT token’s recent 90% plunge is yet another example of how quickly things can go south in this space.

On Tuesday, the value of the DJT token, themed around Donald Trump and operating on the Solana blockchain, plummeted by approximately 90% following a rapid sale of $2 million worth of tokens in a single transaction. This swift sale reduced the token’s market capitalization from $55 million to just $3 million in mere seconds.

In the beginning of June, DJT was launched, rapidly spreading and accumulating significant value due to whispers suggesting a connection to Republican nominee Donald Trump and his son, Barron.

In the crypto community on platform X, there was curiosity about who was responsible for the rapid expansion of a particular token. On June 18th, Martin Shkreli, or “Pharma Bro,” asserted that he, alongside Barron Trump, had developed the DJT token. However, earlier, he had denied any involvement. He admitted to helping Barron distribute the tokens and promoting their popularity on platform X.

As a research analyst, I uncovered some intriguing findings on approximately June 19th. It seemed that the administrative team behind Donald J. Trump’s (DJT) Telegram channel may have been sharing responsibilities with another cryptocurrency backed by Martin Shkreli. This discovery was made through careful examination of the blockchain data and network analysis.

Simultaneously, at least one significant investor in both DJT and Shoggoth.ai, a venture by Martin Shkreli, was making profits while publicly endorsing the token. On or around June 19, a major DJT investor sold approximately $830,000 worth of DJT from a wallet containing millions of dollars’ worth of SHOGGOTH tokens.

The Trump campaign has not officially commented on the matter or Barron’s involvement in the token.

Despite his assertions, it seemed as though Shkreli was casting blame on Barron for the decrease in price on Tuesday. He consistently declared that he had no DJT tokens and didn’t have access to the private keys managing its liquidity pools.

“Barron asserted in a recent post that he doesn’t possess the keys or any tokens, and when asked about the situation in relation to a graph depicting the token’s falling price, he made this statement.”

As a researcher, I clarified in my response to a recent post that the token in question was indeed the official Trump token, although I didn’t imply that any specific event would transpire as a result.