#Trump Student Organization Co-Founder Sells Token#
Hot Topic Overview
Overview
Ryan Fournier, co-founder of the Trump-aligned student group Turning Point USA, has sparked controversy after selling his 50% stake in a TikTok token. The token, which was created to celebrate the lifting of a ban on TikTok, had a market cap exceeding $90 million at its peak. However, Fournier's sale caused the market cap to plummet to $5 million. Fournier alleges that he was deceived by the token's founder, Asta, and pledged to compensate investors $50,000. Asta has denied these claims. The incident has led to accusations against Fournier from investors and sparked discussion about transparency and trust in the token market.
Ace Hot Topic Analysis
Analysis
Ryan Fournier, co-founder of the Trump-supporting student organization Turning Point USA, sparked controversy after selling half of his supply of the meme coin TIKTOK, created to celebrate the unbanning of TikTok. Fournier claimed he was tricked by the token's creator, Asta, but Asta denied the allegations. The incident stemmed from Fournier and Asta's collaboration to create the TIKTOK token, with Asta creating the token and giving Fournier half of the supply. The token quickly gained value, with a market cap exceeding $90 million at one point. However, when the price started to decline, Fournier admitted to selling his holdings and claimed he was tricked by Asta, who was buying the token from other accounts. Fournier denied profiting from the sale and pledged to compensate investors $50,000. But on-chain data revealed that Fournier exchanged 505 million TIKTOK tokens for about $700,000 worth of SOL, causing the project's market cap to plummet by 85%. As of now, neither Fournier nor Asta has responded further to the incident.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Trump student organization co-founder Ryan Fournier sold his 50% TIKTOK token supply, causing the project's market value to plummet 85%.
Fournier claims he was deceived by token founder Asta, but promised to compensate investors $50,000.
Asta claims Fournier dumped his holdings immediately after he launched the token, causing the token price to crash.
Fournier denies profiting from the token sale and insists he was tricked by the token creator.