- Donald Trump’s TRUMP 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.
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) 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.
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