The MAGA coin, inspired by Donald Trump and known as TRUMP, experienced a significant drop of almost 60% earlier this week amidst speculations about the launch of a new coin by the former president. Rumors circulated about a coin called Trumpcoin (DJT) on the Solana (SOL) network, which some sources claimed was being created by Trump and his son Barron.

Arkham, a blockchain platform focused on de-anonymizing, offered a $150,000 reward to uncover the true identity of the DJT creator. Renowned blockchain investigator Zachxbt accepted the challenge and received a message from investor Martin Shkreli, also known as “Pharma Bro,” claiming involvement in the launch of DJT alongside Barron Trump.

Despite these claims, no concrete evidence has emerged linking the Trump family to DJT, and both the former president and his son have remained silent on the matter. DJT initially reached a market cap of nearly $467 million but has since dropped by 83% to a market cap of $82.8 million with minimal liquidity.

According to Dexscreener, an insider was able to make significant profits by trading on the launch of DJT, turning a $9,400 investment into approximately $1.03 million worth of SOL. Ryan Selkis, CEO of Messari, has been contacted by individuals connected to Shkreli’s coin and promises to share his insights soon.

As of now, TRUMP, the leading “PolitiFi” memecoin, has recovered some of its losses and is trading at $8.34. Stay updated by subscribing to email alerts and following us on various social media platforms. Remember to conduct thorough research before investing in high-risk assets like Bitcoin and cryptocurrencies. Trading carries risks, and any losses incurred are the responsibility of the investor. The Daily Hodl does not provide investment advice and participates in affiliate marketing.