Ryan Fournier, co-founder of Students for Trump, has come under fire after admitting to dumping half of the supply of a TikTok-themed memecoin, causing its market cap to plummet from $90 million to $5 million. According to The Block, the controversy unfolded following a recent X space discussion, where Fournier revealed his role in the creation and sale of the meme coin.

The Creation of the "TikTok" Memecoin

Per reports, Fournier, alongside meme coin trader Asta, developed the idea for a TikTok-themed token after the app was unbanned in the U.S. In a collaborative effort, Asta created the coin and reportedly sent half of its supply to Fournier. The token quickly gained popularity, with its market cap soaring to over $90 million. 

However, as the coin’s price began to decline, Fournier admitted to selling off his share, including additional tokens he had acquired.

Fournier's Sale and its Impact

According to Fournier, the initial surge in the coin’s value led him to believe he could walk away with millions. However, as the price started to drop, he decided to sell his share. Fournier swapped 505 million TikTok tokens for approximately $700,000 worth of Solana (SOL). This sale set off a chain reaction, further devaluing the coin and leading to a massive loss in its market capitalization.

In a statement made during a live X space, Fournier expressed regret, stating:

"You know, I thought I was about to walk away with $50 million in one day, you know, and I wasn't going to sell it, I'm already happy with, you know, a couple million, but I looked at that and it bothered me in a way. I felt it wasn't real.” 

Fournier admitted to feeling ashamed of his actions and blamed himself for the situation.

The Alleged Scam and Fallout

As the situation unfolded, Fournier claimed that he was scammed by Asta, the creator of the coin. He alleged that Asta had been buying the coin from other accounts, leading to a sharp drop in value. Fournier’s statements, however, raised doubts among the crypto community, with many questioning his version of events.

Asta, in a post on X, confirmed sending 50% of the TikTok tokens to Fournier, but quickly expressed dismay over Fournier's actions.

“I sent the 50% of $TIKTOK to RyanFournier. It was basically all of my supply and I just wanted to start a cool movement, now that the coin has reached a 60m market cap it wouldve been really cool if i held the coin, I would completely understand if he doesn't send me any % of the coin, just wanted to put this out there," Asta noted.

Fournier, meanwhile, denied profiting from the sale, claiming his profits were "almost in the negative" after the drop in value. He expressed a willingness to make amends, even offering to compensate those affected by the crash.

Fournier’s History with Memecoins

According to The Block, Fournier has previously promoted the "Restore The Republic" (RTR) memecoin, which also saw a pump-and-dump scenario fueled by rumors of Donald Trump’s involvement. Per reports, Fournier was later accused of spreading false claims about Trump's connection to the coin, a statement which was quickly refuted by Eric Trump and the RTR team.

Meanwhile, Fournier has expressed his desire to distance himself from the crypto world moving forward. In a post on X, he stated he would avoid future crypto ventures until he has a clearer understanding of whom to trust.