Trump-themed solana meme coin wiped out after major stakeholder bails
A solana-based meme coin named after former President Donald Trump tanked yesterday, wiping out about $52 million of its previously $55 million market cap.
The token, TrumpCoin (DJT), first gained prominence in June on speculation that it was somehow connected to Trump and his son, Barron. Martin Shkreli, the so-called Pharma Bro convicted in 2017 on charges of securities fraud, later said he was involved in the token's creation.
DJT's market cap fell to $3 million, down from $55 million, Tuesday after a trader unloaded $2 million worth of the token.
Former President Trump has recently embraced crypto as a wedge issue ahead of this fall's US presidential election.