Ryan Fournier, co-founder and current president of Students for Trump, is facing backlash after his involvement in a TikTok-themed coin sparked controversy.
Fournier allegedly pulled an all-in, as his actions caused the market cap of the TIKTOK coin to drop from $90 million to around $5 million.
Coin frenzy around Trump is getting out of control
In a social network jobFournier explained that he was approached by someone online with a proposal to create a piece supporting the potential resurgence of TikTok in the United States. Fournier agreed to the idea and received 50% of the total token supply.
The coin’s value skyrocketed, with its holdings reportedly reaching a high of $19 million as the price surged almost 18,000%.
As the coin’s value began to decline, Fournier decided to sell 505 million tokens, exchanging them for approximately $700,000 in dollars. GROUND. His decision to sell triggered a drop in the coin’s price and wiped out a significant amount of liquidity.
“Ryan Fournier. 1.2 million subscribers. I promise you I didn’t devastate the shitcoin. Buddy, we see your wallet. Everything is on chain. Their blinding greed is only surpassed by their blinding stupidity. » wrote Ben Hunt.
Fournier denied intentionally harming the project. He described his decision as driven by fear as the coin’s value fell and attributed the controversy to his inexperience with cryptocurrencies. “I’m new to crypto and haven’t touched on it,” he wrote in response to the accusations on social media.
“Someone contacted me earlier and they wanted to create a piece to support the return of TikTok. This turned out to be a chaotic disaster as I was scammed by this individual. I sincerely apologize to everyone who was affected and who invested money in this project. I’m going to stay away from crypto stuff until I know better who to trust. wrote Fournier on X (formerly Twitter).
Whether intentional or not, it was definitely another rugpull. Blockchain data suggests that the sell-off occurred while the coin’s price remained relatively stable.
It is obvious that the American president TRUMP and MELANIA meme piece has created a wild frenzy in the market. Politicians and celebrities, who know very little about this complex industry, are trying to launch their own tokens.
Meanwhile, scammers are taking advantage of this hype to make more victims. Surveys have shown that more 40% of users who purchased the TRUMP token are first-time crypto investors. Thus, this large number of consumers constitutes almost the ideal victim for fraudsters.
It is essential that users remain cautious in this area. Crypto is volatilebut even coins are at the extreme end of this situation volatility. THE the risk of loss and scam is almost inevitable.
Therefore, it is important to review and verify any asset before making an investment.
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