• TrumpCoin fell 95%, plummeting from $0.00555 to $0.0001203.
• Regardless of the value drop, buying and selling quantity elevated by 169% to $8.91 million.
• The origins of TrumpCoin are disputed, and claims that Donald Trump is concerned have been denied.

In a dramatic flip of occasions, the value of TrumpCoin (DJT), a Solana-based meme coin utilizing the title and picture of former President Donald Trump, plummeted because the token's worth plummeted 95%, dropping from $0.00555 to a low of $0.0001203 earlier than recovering to round $0.00042 on the time of writing.

Regardless of the massive value drop, TrumpCoin buying and selling quantity has surged, growing by 169% to $8.91 million at press time, in accordance with information from Coinmarketcap.

Whereas some might imagine the surge in buying and selling exercise is because of buyers seeking to promote their holdings, TrumpCoin’s complete worth locked (TVL) stands at roughly $23.1 million, reflecting continued investor curiosity regardless of the steep value decline.

Why did TrumpCoin crash?

The general cryptocurrency market downturn performed a significant function in Trumpcoin's decline. A large sell-off within the cryptocurrency market brought on the costs of Bitcoin and Ethereum to fall by 10% and 18%, respectively, wiping out at the very least $500 billion in market capitalization in three days.

The inventory market was additionally affected, with the S&P 500 falling 4.4% on account of weak employment information and poor efficiency from main expertise corporations.

Previous to the present market turmoil, rumors circulated that Martin Shkreli, infamous because the “Pharma Bro,” was concerned within the creation of TrumpCoin, and that the undertaking was formally linked to Donald Trump.

Shkreli claimed that Trump and his son Barron had been behind the memecoin, a cost strongly denied by Trump aide Roger Stone. The controversy led to greater than $6.3 million in bets on the authenticity of TrumpCoin on crypto-gambling web site PolyMarket.

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

The meme coin state of affairs stays in flux amid the continuing cryptocurrency crash and controversy over who’s behind it.