Bloomberg – Pharma Bro’s cryptocurrency hit as 90% of the value plunges

Pharma Bro’s crypto down by 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 by 90%, Bloomberg reports
• Possible reasons for the drop in the value of cryptocurrency

History of Pharma Bro

Martin Shkreli, is essentially, an American Hedge Fund manager, and is also a convicted felon. Shkreli in his career went on to found MSMB Capital management and MSMB Health Care. Martin’s career has been filled with a lot of arrests, guilt and wrong doings. In 2015, Martin was first arrested by FBI after an incident with Federal. He was allegedly charged for committing securities fraud. The trial continued for almost two years and the eventually he was convicted in the case for the wrong doings.

Martin Shkreli’s interest in cryptocurrency

Martin Shkreli who is more popularly known as Pharma Bro, has been a keen observer of cryptocurrency market. When he finished his time at the prison and was let out, he immediately started working on cryptocurrencies and plans to create a software called “Druglike.”

The introduction of Druglike

Druglike is the software which is devised to help people who are interested in drug discovery. In a general scenario, drug discovery consumes a lot of time and investment, but as the world was hit by the pandemic, the process needs to be eased out and out of such a reason, Pharma Bro planned to create Druglike.

It was also reported that, the software will also incorporate, blockchain technology, where in the contributors to the platform will be rewarded with the new cryptocurrency called Martin Shkreli Inu. Unfortunately, the cryptocurrency didn’t perform as expected and it is reported by Bloomberg that, the cryptocurrency plummeted by more than 85%

Martin Shkreli Inu drops by 90%

Bloomgberg report read, “Pharma Bro’s Martin Shkreli Inu dropped by 90% as an unidentified wallet that appears to belong to the creator sold on a massive stake of the coin.” The news is surely going to hit Druglike.

Possible reasons for the drop in the value

According to me, there could be many variables that might have contributed to the down fall of the cryptocurrency. The most primary reason that must have contributed is the current volatility of the market. Secondly, Pharma Bro’s past convictions might have also influenced the drop in the prices of the cryptocurrency.

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