As a researcher, I’ve found myself delving into an intriguing predicament surrounding political activist Ryan Fournier, a figure well-known for his role in establishing the Students for Trump organization. Currently, he finds himself entangled in a controversy revolving around a meme coin themed on TikTok.
Critics claim he manipulated a situation resulting in a dramatic drop of the coin’s worth, which fell from its peak of around $90 million down to approximately $5 million.
Fournier Defends His Actions
On a Sunday evening post at X, Fournier attempted to clarify the circumstances. He mentioned that someone, referred to as “Asta” in online conversations, had approached him with an idea: to launch a cryptocurrency aimed at helping TikTok regain its presence in the United States.
The Trump backer expressed his decision by saying “Forget it, let’s go for it,” in a subsequent post. He later obtained half of the available supply of the meme coin called TIKTOK, and observed as its worth skyrocketed to unprecedented levels.
At some stage, as per a screen capture posted by a social media user, it’s been claimed that Fournier’s TikTok account had a value exceeding $19 million. This was due to an astronomical rise in the price of the meme coin, nearly 18,000%.
Nevertheless, when the cost began decreasing, the cautious advocate chose to minimize his losses, exchanging approximately 505 million tokens for around $700,000 in SOL.
In light of the tumultuous event Fournier referred to as a “disorganized situation,” a user of X has alleged that I orchestrated a manipulation of the project. However, being relatively inexperienced in the realm of cryptocurrency, I assure you that such accusations are unfounded.
Community Reacts
In response to being questioned about his action, he stated that his motivation for selling was due to apprehension as he observed the coin’s value continuously decreasing. He clarified, “I actually didn’t want to sell, but when it just kept falling in price, I found myself having no choice but to sell.
Despite the additional explanation, Fournier’s actions continued to face criticism, as numerous individuals alleged that he intentionally depleted the project’s liquidity.
Some individuals highlighted blockchain records indicating that he sold off his coins when their price was relatively steady, implying that his actions may have directly triggered the market crash. One critic succinctly put it: ‘The trail is on the blockchain, man. You can’t delete where you pulled the rug.’
The drama unfolds amidst an increase in popularity for meme-based cryptocurrencies, sparked initially by the introduction of Donald Trump’s own digital currency, and further fueled by the launch of a similar coin from Melania.
For a specific timeframe, Trump’s digital currency reached a market worth of $15 billion, surpassing both Pepe (PEPE) and Shiba Inu (SHIB). But when Melania’s coin entered the scene, it caused some turbulence, leading to a 50% drop in TRUMP‘s value and erasing billions from the overall crypto market.
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2025-01-20 16:44