Ryan Fournier, co-founder of Students for Trump, has come under fire after admitting to selling half of the TikTok memecoin, causing a significant drop in its market value.
The Creation of the TikTok Memecoin
As reported, Fournier and meme coin trader Asta conceived the idea for the TikTok-themed token after the app's unbanning in the US. Asta reportedly sent half of the token's supply to Fournier, and the coin quickly gained popularity, reaching a market cap of over $90 million.
Fournier's Sale and Its Impact
Amid the token's increasing value, Fournier decided to sell his portion, exchanging 505 million tokens for about $700,000 worth of Solana. This action triggered a chain reaction, leading to a significant devaluation of the coin.
The Alleged Scam and Community Reaction
As the situation unfolded, Fournier accused Asta of manipulating the price using other accounts. His statements raised doubts within the crypto community. Asta confirmed giving 50% of the tokens to Fournier and expressed discontent over Fournier's actions, noting his intentions to start a movement.
The TikTok memecoin scandal undermines trust in the project and questions Ryan Fournier's actions, highlighting the risks involved in investing in unproven tokens.
