Fake Trump Coins Flood the Market as Traders Seek Official Launches
The post Fake Trump Coins Flood the Market as Traders Seek Official Launches appeared on BitcoinEthereumNews.com.
Both TRUMP and MELANIA tokens were endorsed by the Trump family and launched on the Solana network ahead of Donald Trump’s inauguration. However, criticism from people like Rep. Maxine Waters caused some concern over transparency and investor risks associated with the meme coins. Meanwhile, World Liberty Financial, another Trump-endorsed project, made large crypto purchases just ahead of the inauguration. Despite optimism from people like Circle CEO Jeremy Allaire about pro-crypto policies under Trump, his inauguration speech and priorities completely excluded digital assets. Traders Hunt for the Next Trump-Themed Crypto The launch of Trump-branded meme coins recently created a frenzy among traders, especially after President Donald Trump’s Official Trump (TRUMP) token briefly jumped past $80 billion in fully-diluted value (FDV) on its first day, Jan. 18. This surge caused a hunt for additional Trump-themed tokens, though the crypto space is currently littered with fakes. Only one other token, Official Melania (MELANIA), received the Trump family’s endorsement. Referencing First Lady Melania Trump, MELANIA reached an FDV of $14 billion before retreating to under $6 billion in Jan, 20. MELANIA price action over the past 24 hours (Source: CoinMarketCap) In contrast, unofficial tokens like Official Barron Meme (BARRON) saw very volatile performances, with BARRON peaking at $400 million before losing over 90% of its value. Despite their origins, many imitators transferred Trump-themed tokens to the crypto wallet linked to CIC Digital LLC, the Trump entity that holds 80% of Official Trump’s (TRUMP) total supply. Some of these tokens, including the purported Official Ivanka Trump coin, claim valuations in the hundreds of millions. The Trump family’s involvement also fueled a lot of speculation about future meme coins. While Eric Trump dismissed rumors of a “USA coin” as the next official project, crypto influencer Kook mentioned potential launches tied to Barron and Eric Trump. The TRUMP…
Filed under: News - @ January 21, 2025 6:17 am