Bloomberg – Pharma Bro’s Cryptocurrency Hit as 90% of Value Plunges – TechStory
- on Aug 13, 2022
Pharma Bro’s Crypto Drops 90% as Massive Number of Tokens Are Sold
- History of Pharma Bro
- Martin Shkreli’s interest in cryptocurrency
- The introduction of Druglike
- Pharma Bro’s Cryptocurrency Down 90%, Bloomberg Reports
- Possible reasons for the decline in the value of cryptocurrency
History of Pharma Bro
Martin Shkreli, is basically an American hedge fund manager, and is also a convicted felon. Shkreli during his career went on to found MSMB Capital Management and MSMB Health Care. Martin’s career has been filled with numerous arrests, guilt and wrongdoing. In 2015, Martin was first arrested by the FBI after an incident with Federal. He was reportedly charged with committing securities fraud. The trial continued for nearly two years and he was eventually convicted in the case for the wrongdoing.
Martin Shkreli’s interest in cryptocurrency
Martin Shkreli, popularly known as Pharma Bro, has been a keen observer of the cryptocurrency market. When he finished his time in prison and was released, he immediately started working on cryptocurrencies and plans to create software called “Druglike”.
The introduction of Druglike
Druglike is the software designed to help people interested in drug discovery. In a general scenario, drug discovery consumes a lot of time and investment, but as the world has been hit by the pandemic, the process needs to be facilitated and for this reason, Pharma Bro has planned to establish Druglike.
It has also been reported that the software will also integrate blockchain technology, where contributors to the platform will be rewarded with the new cryptocurrency called Martin Shkreli Inu. Unfortunately, the cryptocurrency has not performed as expected and Bloomberg reports that the cryptocurrency has fallen over 85%.
Martin Shkreli Inu drops 90%
The Bloomgberg report read, “Pharma Bro’s Martin Shkreli Inu plummeted 90% as unidentified wallet that appears to belong to creator sold on huge coin stake. The news will surely hit Druglike.
Possible causes for the decline in value
In my opinion, there could be many variables that could have contributed to the cryptocurrency’s downfall. The main reason that must have contributed to this is the current market volatility. Second, past convictions of Pharma Bro may also have influenced the decline in cryptocurrency prices.
What do you think of Druglike? Do you think the concept of early drug discovery will work? Share your thoughts in the comments section below. If you find this content informative, share it with your family and friends.
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