- Donald Trump’s TRUMP memecoin has sparked a market frenzy where scammers are launching off-brand tokens like BARRON and Kai Trump.
- The fraudsters attempted to appear legitimate by transferring tokens to wallets linked to CIC Digital LLC.
American President Donald Trump surprised the world this weekend after the launch of Official Trump (TRUMP), the new memecoin that caused a stir in the market.
Shortly after TRUMP’s launch, Trump’s wife, Melania Trump, announcement his own cryptocurrency, MELANIA, reached a market capitalization of more than US$5 billion (A$7.96 billion) while causing a bloodbath in TRUMP’s price.
BARRON, an unofficial memecoin that followed shortly after, reached a market capitalization of over US$450 million (AU$715 million) before crashing and erasing almost 95% of its price in just 24 hours, highlighting the current market madness.
Related: Bitcoin ETFs devour $2.3 billion as Wall Street appetite grows
Speaking of crazy, other copycats have gone so far as to transfer tokens to wallets linked to CIC Digital LLC, the entity holding 80% of TRUMP’s supply, in an apparent attempt to appear legitimate.
The Trump effect pushes Solana TVL
Similarly, the Kai Trump memecoin gained traction in the crypto community, but it also quickly fell. Interestingly, it shares the same developer as BARRON.
The rise of fake Trump-themed tokens has been brutal, and while they may seem lucrative, they could just as easily be a negative-sum game if traders are desperate to reap quick rewards.
Despite rumors of potential new launches, Eric Trump dismissed claims that an “American coin” would be the family’s next project.
On January 20, crypto influencer Kook flagged unconfirmed reports of memecoins linked to Barron and Eric Trump, further fueling speculation.
Related: Australian Analyst Says Trump Memecoin Launch Changed Crypto Forever
Speaking of more madness, Solana (SOL) reached a record price after soaring to US$294 (A$468), while the network’s total locked value soared to US$12 billion (A$19.1 billion), both shortly after TRUMP’s launch and MELANIA. I guess it’s the Trump effect now.