American DJ, Diplo, announced via the standard BitClout process on Twitter, that his coin is officially verified. With nearly 40M monthly listeners on Spotify this is one large megaphone for the BitClout platform. While Diplo spent a pretty active first couple months on the platform, his account has since been dormant. This hasn’t prevented major trading volume on $DIPLO coin.
Diplo has not built any utility into his creator coin on BitClout, giving it purely speculative value.
As a top 15,000 account on Twitter, Diplo’s coin price was hovering around $2000 pre-verification, and just a day prior to his internal announcement on Twitter the price jumped to $6000. Following the announcement and subsequent verification approval by BitClout was a second smaller jump to over $7000 before dropping down to the $5000 range, likely many of the 3X winners selling some or all of their stake.
This is clearly insider trading from within Diplo’s inner circle, BitClout’s inner circle, or likely a mixture of the two. Unfortunately we can’t find anything on the blockchain which conveniently only started recording buys April 3rd.
Of course, after everyone jumped on the rocketship, an anonymous account dropped a $155k sale on April 4th. Since then it’s been a game of hedging losses for everyone, including a bitclout favorite music creator and creator supporter, Douglasss, who didn’t fare well as a fan of Diplo’s after the anonymous accounts had their way with the Diplo coin.