• TrumpCoin crashed by 95%, plummeting from $0.00555 to a low of $0.0001203.
• Trading quantity surged by 169%, reaching $8.91 million regardless of the price drop.
• Controversy surrounds TrumpCoin’s origins, with claims involving Donald Trump denied.

In a dramatic flip of occasions, TrumpCoin (DJT), a Solana-based meme coin utilizing former President Donald Trump’s title and picture, has skilled a steep price drop. The token’s worth plummeted by 95%, falling from $0.00555 to a low of $0.0001203 earlier than recovering to round $0.00042 at press time.

Regardless of the huge price drop, buying and selling exercise for TrumpCoin surged. Knowledge from Coinmarketcap reveals a 169% improve in buying and selling quantity, which stood at $8.91 million at press time.

Whereas some could hyperlink the surge in buying and selling exercise to traders making an attempt to dump their holdings, the overall worth locked (TVL) in TrumpCoin stands at roughly $23.1 million, reflecting ongoing investor curiosity regardless of the sharp price decline.

Why has TrumpCoin crashed?

The broader crypto market downturn considerably influenced TrumpCoin’s fall. A big-scale sell-off within the crypto market noticed Bitcoin and Ethereum costs drop by 10% and 18%, respectively, erasing not less than $500 billion from the market capitalization inside three days.

The fairness markets have been additionally affected, with the S&P 500 falling 4.4%, pushed by weak employment information and disappointing earnings from main tech companies.

Previous to the present market turmoil, Martin Shkreli, infamously generally known as “Pharma Bro,” claimed his involvement in creating TrumpCoin, sparking rumours that the undertaking had official ties to Donald Trump.

Shkreli alleged that Trump and his son Barron have been behind the memecoin, a declare that Roger Stone, an in depth aide to Trump, vehemently denied. This controversy led to over $6.3 million in bets on the authenticity of TrumpCoin on the crypto betting web site Polymarket.

Regardless of reaching an all-time excessive of $0.01806 in June 2024, TrumpCoin has confronted a steep decline, marking an all-time low of $0.0001203 on August 6, 2024.

The meme coin scenario stays fluid amid the continuing cryptocurrency meltdown and the controversy round who’s behind the meme coin.