08-08-2024
TECH

Trump-themed crypto crashes as sons Don Jr. and Eric seem to hint at a new crypto venture

The DJT token, which ‘Pharma Bro’ Martin Shkreli claims to have helped launch, has lost more than 95% of its peak value.

BY CHRIS MORRIS
2 MINUTE READ

Donald Trump might be positioning himself as the crypto candidate, but when it comes to tokens, he may not necessarily have the Midas touch.

The DJT token, which “Pharma Bro” Martin Shkreli claims to have helped launch, cratered earlier this week, plunging 90% within 15 minutes. Since its launch, the token has lost more than 95% of its value.

The drop is causing investors to wonder if the DJT token was a classic rug pull, as its market capitalization dropped from $55 million to $3 million on Tuesday after an unknown party exited the crypto.

Shkreli has adamantly denied speculation that he was behind the exit, saying he did not have the keys to do so. “I helped make it with understand [sic] it was the official trump token, not that this would happen,” he wrote in a separate posting on X (formerly Twitter).

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