It’s official: the TikTok-themed meme coin is here to remind us that crypto and chaos go hand in hand. Ryan Fournier, the co-founder of Students for Trump, is at the center of this scandal, facing allegations of a rug pull that tanked the TikTok meme coin’s value from a whopping $90 million to a sad $5 million. So, what happened?
Staying away from Crypto.
— Ryan Fournier (@RyanAFournier) January 19, 2025
I tweeted a few times today about $Trump and a newly created coin called $TikTok.
I had someone reach out earlier, and they wanted to make a coin to support TikTok’s comeback.
That turned out to be a chaotic mess, because I was scammed by said…
The idea seemed simple enough: create a meme coin celebrating TikTok’s unbanning in the US. Fournier teamed up with a trader named Asta, who minted the token and sent 50% of the supply to Fournier. And boy, did things escalate quickly. As the price skyrocketed by nearly 18,000%, Fournier’s holdings reportedly peaked at $19 million. Crypto dreams, right?
Well, not quite. When the market took a dip, Fournier decided to sell 505 million tokens, cashing out $700,000 worth of Solana (SOL). This move, unsurprisingly, drained liquidity and sent the coin’s price into freefall.
“I Didn’t Rug It!” – Fournier’s Defense
Fournier took to social media to deny the accusations, claiming he’s new to crypto and made a panic-driven decision to sell as the value dropped. “I’m sorry to everyone who lost money. I’ve learned my lesson and won’t touch crypto until I know who to trust,” he wrote. But the blockchain doesn’t lie, and critics were quick to call out his actions.
Ben Hunt, a crypto commentator, summed up the sentiment: “Buddy, we see your wallet. It’s all on-chain. Their blinding greed is only surpassed by their blinding stupidity.” Ouch.
Meanwhile, Asta, the token’s creator, wasn’t thrilled either. He claimed that Fournier’s actions destroyed the project’s credibility. According to Asta, “I just wanted to start a cool movement, but Fournier ruined it by cashing out.” Fournier insists he didn’t profit from the sale and even offered to reimburse affected investors.
Lessons for the Crypto World
Whether Fournier’s actions were due to inexperience or something more sinister, the TikTok meme coin crash is a masterclass in what not to do in crypto. Here are the key takeaways:
- Meme Coins Are Wildly Volatile: Meme coins are the wild west of crypto. Their value can skyrocket and nosedive faster than you can say “blockchain.”
- Transparency Is Key: Clear token distribution strategies and transparent communication can build trust—something this project sorely lacked.
- Don’t Put All Your Eggs in One Wallet: Holding massive amounts of tokens in a single wallet spells trouble. It’s a liquidity crisis waiting to happen.
- Crypto Is Not for the Faint of Heart: The unregulated nature of crypto means scammers and pump-and-dump schemes are everywhere. Do your homework before investing.
- Get Your Code Audited: Security audits and robust identity management can help avoid exploits and scams.
Fournier has since vowed to stay away from crypto until he can “trust” the right people. This isn’t his first brush with controversy—his previous involvement in the “Restore the Republic” (RTR) meme coin ended in similar disaster. If nothing else, it’s a reminder that while the rewards might be high, the risks are even higher.
HODL Team
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