Beware of Scams: Fake Memecoins Latch on TRUMP-Token Success

9 months ago 180

Donald Trump’s TRUMP ($7.08) memecoin has sparked a market frenzy where scammers launch off-brand tokens like BARRON and Kai Trump.
Scammers tried to appear legitimate by transferring tokens to wallets linked to CIC Digital LLC.

US President Donald Trump surprised the world over the weekend after launching Official Trump (TRUMP), the new memecoin causing a stir in the market.

Shortly after the launch of TRUMP, Trump’s wife, Melania Trump, announced her own cryptocurrency, MELANIA, reaching a market capitalisation of over US$5B (AU$7.96B) while also causing a bloodbath in TRUMP’s price.

BARRON, an unofficial memecoin that followed up shortly after, reached a market capitalisation of over US$450M (AU$715M) before collapsing and wiping out nearly 95% of its price in just 24 hours, highlighting the current insanity in the market.

Related: Bitcoin ETFs Devour $2.3 Billion as Wall Street’s Appetite Surges

Talking about insanity, other imitators have gone as far as transferring tokens to wallets linked to CIC Digital LLC, the entity holding 80% of TRUMP’s supply, in an apparent attempt to appear legitimate.

Trump Effect Pushes Solana TVL

Similarly, the Kai Trump memecoin gained traction in the crypto community, but it quickly fell off as well. Interestingly, it shares the same developer as BARRON.

The surge of fake Trump-themed tokens has been abrupt, and while they may appear lucrative, they might as well be a negative-sum game if traders desperately try to reap some quick rewards.

Despite rumors about potential new launches, Eric Trump dismissed claims that a “USA coin” would be the family’s next project.

.$USA coin has nothing to do with us. https://t.co/p4V6HXK1Ce

— Eric Trump (@EricTrump) January 18, 2025

On January 20, crypto influencer Kook flagged unconfirmed reports of memecoins tied to Barron and Eric Trump, further fueling speculation.

Related: Aussie Analyst Says Trump Memecoin Launch Changed Crypto Forever

Talking about more insanity, Solana (SOL ($156.46)) reached an all-time high in price after surging to US$294 (AU$468), while the network’s total value locked has skyrocketed to US$12B (AU$19.1B), both shortly after the launch of TRUMP and MELANIA. I guess that’s the Trump effect now.

The post Beware of Scams: Fake Memecoins Latch on TRUMP-Token Success appeared first on Crypto News Australia.

BitRss shares this Content always with

License.

Read Entire Article

Screenshot generated in real time with SneakPeek Suite

Search Crypto News

The latest Top News, only from Leading exponents of BlockChain, Bitcoin, Altcoins and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News and the Sources; for this reason we have designed this New Version of BitRss.com with a clean and simple Style, usable by all Devices, fast and effective. Our exclusive Algorithm, in addition to filtering (a lot..) sponsored content of dubious interest, Lists the News, in Chronological order of Publication on the Internet, allowing our Users to Follow the Flow of Articles in a fast and intuitive way.

You can also check the Cryptocurrency Price in Real Time directly in the shared Articles (the TAG's highlighted in green), which allows you to Learn more about the Market Trend of that particular Coin with many other related information. Each content includes always a Screenshot of the Article's Source.