Recently, Ryan Fournier, co-founder of Students for Trump, admitted to selling half of a TikTok memecoin, causing its market capitalization to drop significantly.
The Creation of the TikTok Memecoin
Reports indicate that Fournier, alongside memecoin trader Asta, came up with the idea for a TikTok-themed token after the app was unbanned in the U.S. Asta created the coin and reportedly sent half of its supply to Fournier. The token quickly gained popularity, reaching over $90 million in market cap. However, as the price began to fall, Fournier admitted to selling his share.
Fournier's Sale and its Impact
Fournier swapped 505 million TikTok tokens for approximately $700,000 worth of Solana (SOL), triggering further devaluation of the coin. During a live X space, he expressed regret and admitted feeling ashamed of his actions.
The Alleged Scam and Fallout
Fournier claimed Asta scammed him by buying coins from other accounts, leading to a sharp drop in value. Meanwhile, Asta confirmed sending 50% of the TikTok tokens to Fournier but was dismayed by his actions, denying having profited. The community remained skeptical of both parties’ claims.
Ryan Fournier expressed his intention to distance himself from the crypto world until he understands who to trust.
