Diddy Meme Coin Touches $180 Million as Music Mogul's Trial Begins
The Sean “Diddy” Combs X account promoted an Official Diddy Solana meme coin, which initially surged to a market cap of $181 million before plummeting 79.5% to $37 million within hours. This event coincided with Combs’ ongoing sex trafficking and racketeering trial in New York. Legal experts expressed concerns that the token launch could be perceived as a lack of remorse, potentially influencing Combs' sentencing if found guilty. A wallet purchased $349,800 worth of DIDDY, later selling for $918,000 profit before the crash. Ye reposted Combs’ promotion, causing a brief market recovery to $81.5 million before another decline to $32 million. Crypto attorney Ariel Givner criticized the launch as manipulative and trivializing serious allegations. Sahil Arora claimed responsibility for the scheme, stating connections with Combs’ son and Ye’s manager. Arora has a history of launching meme coins that typically crash shortly after release.
