'Pharma Bro' Whom Trump Called 'Spoiled Brat' Claims He Created $DJT; Token Plunges

DJT, the memecoin initially rumored to be former President Donald Trump's official token, has begun its journey toward a downward spiral following the revelation that the coin's creator was Martin Shkreli, infamously known as "Pharma Bro."

The token skyrocketed by over 400% Monday after The Pirate Wires first reported that the Republican presidential candidate was launching an "official token," the DJT coin on the Solana blockchain.

Come Tuesday, YouTube talk show host and marketing director for the MAGA (TRUMP) memecoin Steven Steele said he was "able to confirm first hand with sources close to Donald Trump that neither himself nor Barron Trump have any involvement with scam token $DJT."

On Tuesday evening, prominent blockchain intelligence firm Arkham Intelligence said it will give a $150,000 bounty to the first person who can "definitely prove" the identity of the token in question's creator.

Renowned crypto sleuth ZachXBT said Shkreli sent a "panic" direct message showing a screenshot of a supposed message exchange with former professional kickboxer and investor Andrew Tate.

"Between us please. I have over 1000 pieces of evidence I created it with Barron," the message from Shkreli to ZachXBT showed. Around 30 minutes after sending a message to ZachXBT, Shkreli started a Spaces event wherein he revealed that he is the creator of the controversial memecoin.

Steele posted again early on Wednesday, saying Shkreli admitted that DJT was his project "under mounting duress." The prominent crypto investor also posted a video of what ex-President Trump said about Shkreli when the former pharmaceutical executive was found guilty of securities fraud in 2017. He was sentenced to seven years in prison and was banned for life from the pharmaceutical industry. He was released early in 2022.

"He looks like a spoiled brat to me...and he's a hedge fund guy who was, you know, the only one that I'm raising taxes – they are going to be paying up. But I thought it was a disgusting thing, what he did," Trump said in the video.

The business magnate was referring to how Shkreli raised the price of antiparasitic medication Daraprim by around 5,000% – from $13.50 to a whopping $750 overnight. Daraprim is a life-saving drug commonly used for AIDS patients and people with suppressed immune systems.

Steele suggested that Shkreli may have created DJT as a "revenge" move against the GOP frontrunner to tarnish his reputation, given how the ex-pharma tycoon was sentenced "under Trump's watch."

On Monday, the buy activity on the DJT token was largely disproportionate to sales. However, the tables have started to flip Wednesday as selling activity has been catching up with traders buying the memecoin, according to GeckoTerminal data.

DJT price early June 19 2024

The one-day-popular memecoin has fallen from grace by over 62% in the last 24 hours. Trump's 2024 campaign has yet to release a statement on the matter. It also remains to be seen whether Arkham will pay ZachXBT's bounty.