Ryan Fournier, co-founder of Students for Trump, has come under fire after admitting to selling half of the TikTok memecoin, causing its market cap to drop from $90 million to $5 million.
Creation of the TikTok Memecoin
According to reports, Ryan Fournier and meme coin trader Asta developed the idea for a TikTok-themed token after the app was unbanned in the U.S. In a collaborative effort with Asta, a currency was created, and half of its supply was reportedly sent to Fournier. The token quickly gained popularity, soaring to a market cap of over $90 million.
Fournier's Sale and its Impact
Fournier sold his share of the tokens allegedly due to a decline in their value. He swapped 505 million TikTok tokens for approximately $700,000 in Solana (SOL), triggering a chain reaction and further devaluation. In an X space statement, he expressed regret over his actions, stating: "You know, I thought I was about to walk away with $50 million in one day... but I looked at that and it bothered me."
Accusations of Fraud and Reactions
Ryan Fournier claims to have been scammed by Asta, alleging that Asta used other accounts to buy the coin, sharply decreasing its value. However, Asta confirmed sending 50% of the TikTok tokens to Fournier in a post, expressing dismay over his actions. Fournier denied profiting and even offered compensation to those affected, expressing a desire to distance himself from the crypto world.
The incident sparked widespread public scrutiny and called into question the integrity of those involved in meme coin projects. Fournier expressed a wish to distance himself from the crypto world until he understands whom to trust.
