Fournier defined on social media that he was approached to create the coin, meant to capitalize on TikTok’s potential resurgence within the U.S. He acquired 50% of the token provide. The coin noticed large progress, together with his holdings reportedly peaking at $19 million as its worth soared by practically 18,000%.
Nevertheless, Fournier offered 505 million tokens, cashing out roughly $700,000 in SOL. This triggered a pointy worth drop, wiping out the coin’s liquidity. Critics referred to as it a “rug pull,” a time period for sudden sell-offs that hurt different buyers.
Fournier denied wrongdoing, claiming he acted out of worry because the coin’s worth dipped. “I’m new to crypto and didn’t rug it,” he stated, attributing the chaos to his inexperience. Blockchain information, nevertheless, reveals the sell-off occurred whereas costs have been regular.
This incident highlights rising dangers within the meme coin market. Political figures and celebrities with little crypto data are more and more launching tokens. Scammers are exploiting the hype, with surveys exhibiting over 40% of TRUMP token consumers have been first-time crypto buyers.
Consultants warn that meme cash are extremely unstable. Traders are urged to analysis completely and method with warning to keep away from important losses or falling sufferer to scams.
