Students for Trump Co-Founder Ryan Fournier Accused of Dumping Half of “TIKTOK” Memecoin, Wrecking the Market

Ryan Fournier, co-founder of the “Students for Trump” organization has been accused of crashing the TIKTOK memecoin market. According to reports, following his disclosure that he had sold half of the supply of the “TIKTOK” memecoin, Ryan Fournier came under fire from memecoin traders. .

After Fournier dumped half of his holdings, the market capitalization for the token plummeted from $90 million to just $5 million.

Fournier Denies Allegations of Minting Profit

In his defense, Fournier has claimed that the maker of the token, that had given him 50% of the holdings, was the first to start selling the token and that he had sold it after it “started cratering.”

Fournier has acknowledged that he made a mistake by selling in an X space on Sunday and stated that he felt duped by the memecoin’s developer.

How Did The TIKTOK Memecoin Crash?

In an X chat on Sunday night, Fournier said that once TikTok returned to the US market on Sunday, he and a memecoin trader—likely a X user “Asta”—developed the concept for a TikTok-themed memecoin. According to the testimony of both traders, Asta made the token and sent Fournier half.

The coin’s value rapidly surged, reaching a market valuation of more than $90 million. Fournier, who had also amassed more tokens beyond the supply he was provided, acknowledged selling his cache when the price began to decline.

On Sunday night , a transaction from a wallet that Fournier had previously identified as his exchanged 505 million TIKTOK tokens for around $700,000 in SOL.

Additionally, Fournier asserted that Asta had been purchasing TIKTOK tokens from other accounts, despite the fact that Asta’s wallet does not display any sales of the token.

TIKTOK Memecoin Crash Stays in Tandem With Memecoin Market Slump

Though not related, but the TIKTOK market slump comes at a time when the entire memecoin market has seen a slight downfall. With the launch of the Trump family memecoins, most traders are focused towards the trading parameters of the $TRUMP and $Melania tokens.

Due to the hype and attention of these two memecoins, others in the market are facing a lackluster trading.

Since memecoins based on the two well-known Trump family members were introduced, many people are now curious as to whether other Trump family members would follow suit and create memecoins bearing their names.

Although it is still unknown if the president-elect and the incoming first lady were the only two to venture into the cryptocurrency industry, there is a good likelihood that others will do the same.