In an unexpected turn of events, the Donald Trump-themed DJT token on Solana experienced a dramatic 90% decline earlier today. This sudden drop was precipitated by a single wallet offloading $2 million worth of tokens in one transaction, which caused the market capitalization to nosedive from $55 million to $3 million almost instantaneously.

The wallet, identified as ‘4UGm6,’ held 20% of the DJT token supply and accrued 15,500 SOL from the transaction. Subsequently, these holdings were dispersed across four different wallets, as reported by the crypto social platform @0xppl_.

Launched in early June, the DJT token rapidly gained traction and market value amid speculation that it was connected to Republican candidate Donald Trump and his son Barron. Crypto communities on X were abuzz with curiosity about the token’s meteoric rise and the identity of its creators. On June 18, Martin Shkreli, infamously known as “Pharma Bro,” asserted that he and Barron Trump were behind the DJT token, despite his initial denials. Shkreli claimed he assisted Barron in issuing the tokens and promoting them on X.

Read more: Solciety’s PolitiFi Meme Coin Presale Raises $600K+ in First Two Weeks

Around June 19, blockchain investigators unearthed evidence suggesting that DJT’s Telegram channel shared administrators with another token endorsed by Shkreli. Concurrently, it was revealed that a major holder of both DJT and Shkreli’s other project, Shoggoth.ai, had been profiting while Shkreli publicly endorsed the token. Notably, a significant DJT holder sold nearly $830,000 worth of DJT from a wallet that contained millions of dollars’ worth of SHOGGOTH tokens around June 19.

The Trump campaign has remained silent on the matter, neither confirming nor denying Barron’s involvement in the token. Nonetheless, Shkreli appeared to shift the blame to Barron for the recent price drop. He repeatedly claimed he held no DJT tokens and did not have access to the private keys managing its liquidity pools.

Read more: Crypto Startups to Amass $12 Billion in VC Funds Amid Trump Potential Win

“Ask Barron, I don’t have the keys or any tokens,” Shkreli asserted in an X post when queried about the incident, accompanied by a graph illustrating the token’s precipitous decline. “I helped create it under the understanding it was the official Trump token, not that this would happen,” he added in response to another post.