Martin Shkreli’s latest memecoins lose 94% in less than 24 hours
Shkreli’s memecoins crash shortly after launch
Two memecoins tied to Martin Shkreli, called CITRINI and MARTIN, have lost 94% of their value within 24 hours of launching on the Solana-based platform Pump Fun. The coins were created after Shkreli announced he would join the memecoin launchpad and livestream his trades.
Shkreli’s announcement drew over 700,000 views on social media. Pump Fun’s official account claimed he made a 6,263% gain and had $1.6 million in his wallet within a day. However, both coins quickly collapsed after reaching their peaks.
Key details of the memecoin collapse
- CITRINI and MARTIN, the two memecoins linked to Shkreli, fell by at least 94% from their highs.
- MARTIN peaked at $0.0031 on Monday and dropped to $0.00016 by Tuesday morning.
- CITRINI fell from $0.0031 to $0.000087, a 97% decline.
- Shkreli livestreamed his trades to tens of thousands of viewers on X and Pump Fun.
Shkreli’s history with memecoins
This is not the first time Shkreli has been involved in memecoins that later crashed. In 2022, he launched Martin Shkreli Inu (MSI) on Ethereum, which lost over 90% of its value after a large wallet dumped tokens. Shkreli claimed he was a hack victim, but the coin remains 95% below its peak.
In 2024, Shkreli was linked to another memecoin, DJT, which surged on rumors of involvement by Barron Trump. A wallet tied to the project later dumped $2 million worth of tokens, causing a 90% crash. DJT now trades 98% below its all-time high.
Reactions from traders and followers
Some of Shkreli’s followers reported losses of up to 95% on the memecoins. One user accused him of endorsing a scam, while Shkreli responded with short, ambiguous messages, often avoiding direct answers.
Shkreli’s communication style has been described as cagey, with replies that include single words, symbols, or rhetorical questions. For example, when a follower complained about a 97% loss, Shkreli simply asked, “How are you down 97%?”
What is confirmed about the memecoins
- Both CITRINI and MARTIN lost at least 94% of their value within 24 hours of launching.
- Shkreli created CITRINI and promoted it during livestreams.
- Pump Fun’s official account initially reported gains of 6,263% and $1.6 million in Shkreli’s wallet.
- Shkreli has a history of memecoins collapsing after large sell-offs.
What remains unclear
- Whether Shkreli or his associates were directly responsible for the sell-offs that caused the crashes.
- The exact number of traders affected by the losses.
- Whether Shkreli’s involvement was intended as a joke or a serious investment strategy.
Why this matters for memecoin traders
Memecoins are digital tokens often created as jokes or for short-term speculation. They can rise and fall quickly based on hype, social media trends, or celebrity endorsements. This case highlights the risks of investing in memecoins tied to high-profile figures, as their value can collapse rapidly after initial excitement fades.
Shkreli’s repeated involvement in memecoins that later crash may also raise questions about the sustainability of such projects and the potential for losses among followers.
