The MAGA (TRUMP) memecoin, which takes inspiration from Donald Trump, experienced a significant drop of nearly 60% early this week amidst rumors of the former president planning to launch his own coin. Speculation arose around a Solana (SOL) network coin called Trumpcoin (DJT), with some reports suggesting it was created by Trump and his son Barron.

The blockchain platform Arkham offered a $150,000 bounty to uncover the true identity behind the launch of DJT. Renowned blockchain investigator Zachxbt responded to the bounty and received a message from investor Martin Shkreli, also known as “Pharma Bro,” claiming involvement in the creation of DJT with Barron Trump.

Despite these claims, there is no concrete evidence linking the Trump family to DJT, and neither the former president nor his son have made any statements about the coin. DJT quickly reached a market cap of $467 million before dropping by 83%, now standing at $82.8 million with limited liquidity.

According to Dexscreener, an insider was able to make a significant profit by acting on insider information, turning $9,400 into around $1.03 million worth of SOL. Ryan Selkis, CEO of Messari, has been contacted by entities associated with Shkreli’s coin and plans to share his findings soon.

As of now, TRUMP remains the largest “PolitiFi” memecoin and has partially recovered, trading at $8.34. Stay updated by subscribing to email alerts and following on social media platforms. Remember to conduct thorough research before investing in high-risk assets like Bitcoin and cryptocurrencies. Trading and transfers are at your own risk, and The Daily Hodl does not provide investment advice.