Ryan Fournier, co-founder and current president of Students for Trump, is facing backlash after he participated in a TikTok-related Meme Coin that sparked controversy.
Fournier is accused of fraudulent manipulation, causing Meme Coin TIKTOK to drop from $90 million to approximately $5 million in market capitalization.
The Meme Coin Fever Surrounding Trump Is Getting Out of Control
In one post On social media, Fournier explained that he was asked by someone online to create a coin to support TikTok’s potential resurgence in the United States. Fournier agreed and received 50% of the total Token supply.
The currency’s value exploded, with his holdings peaking at $19 million as prices rose nearly 18,000%.
When the value of the coin started to decrease, Fournier decided to sell 505 million Tokens, in exchange for about 700K USD in SOL. His decision to sell triggered a decline in the currency’s price and dissipated a significant amount of liquidity.
“Ryan Fournier. 1.2 million followers. I promise I’m not pulling this Meme Coin rug. My friend, we have seen your wallet. It’s all on-chain. Their greed is only surpassed by their stupidity,” write Ben Hunt.
Fournier denied intentionally harming the project. He described his decision as being driven by fear of the coin’s price falling and attributed the controversy to a lack of experience with cryptocurrencies. “I am new to crypto and did not scam it,” he wrote in response to the accusations on social media.
“I had someone reach out before, and they wanted to create a coin to support TikTok’s comeback. That turned out to be a mess, because I was tricked by that person. I’m truly sorry to everyone affected and who put money into it. I will stay away from crypto until I understand better who to trust,” Fournier wrote on X (formerly Twitter).
Whether intended or not, this is clearly another rug pull. Blockchain data shows that the sale took place when the coin’s price was relatively stable.
Clearly, the Coin Coin TRUMP and MELANIA Memes have created a wild craze in the market. Political figures and celebrities, who know little about this complex industry, are trying to issue their own coins.
Meanwhile, scammers are taking advantage of this excitement to claim more and more victims. The survey shows that more than 40% of users who bought TRUMP coin were first-time cryptocurrency investors. Therefore, this large number of consumers become almost perfect victims for scammers.
Users should maintain caution in this area. Cryptocurrencies are very volatile, but Meme Coin is at the extremes of volatility. Risks are reduced and fraud is almost inevitable.
Therefore, it is very important to thoroughly inspect and evaluate any property before investing.