Digital token in honor of Donald Trump plummets by 99% in a day

Yesterday, on August 6, the TrumpCoin (DJT) meme token associated with US presidential candidate Donald Trump fell by 95% in 24 hours and by more than 99% from its all-time high. The price collapse occurred because one of the wallets, which held 20% of the total tokens, sold its assets.

Amid this collapse, the number of traders trading DJT increased by almost 1000% per day. A well-known trader under the pseudonym SlorgoftheSlugs noted that it was the sale of a large share of tokens that caused this drop.

Earlier it was reported that Martin Shkreli, co-founder of the hedge fund MSMB Capital Management, may be behind the development of the token. At first, he denied any involvement, claiming that DJT is the «real Trump token.» However, Shkreli later admitted that he had launched the coin together with Trump’s son Barron Trump.

Interestingly, other Trump-related PoliFi tokens have shown growth over the past 24 hours, demonstrating the volatility and unpredictability of the cryptocurrency market.

Earlier, we told you that Trump promised to completely transform the US policy towards bitcoin and cryptocurrencies if he is re-elected. At the Bitcoin2024 conference in Nashville, he said that on the very first day he would fire Securities and Exchange Commission Chairman Gary Genslerand end policies that prevent crypto investors and companies from using digital assets.