The post Solana’s meme coins FAFO soars amid Visa’s crypto scam appeared on BitcoinEthereumNews.com.

A crypto token on Solana was advertised on Visa’s official Facebook account on Jan 27, 2025, while another Solana-based meme coin FAFO Barron shot up over 250% in a short span of a few hours after President Donald Trump posted a picture. Visa’s Facebook compromised in crypto scam On Jan. 27, hackers compromised Visa’s official Facebook page in a cyberattack and used it to promote a suspicious Solana-based token trading under the ticker $VISA. The price of the token surged before collapsing, a signature of a rug-pull scam. A rug-pull refers to a scam in which developers of a token suddenly sell their holdings, causing the token’s price to collapse. It shows ancincreasing trend of corporate social media accounts being commandeered to promote scam crypto schemes.  VISA/SOL trading chart on GMGN.AI (5-min intervals) showing a rapid price surge followed by a correction and subsequent stabilization. Source: crypto.news Trump pushes FAFO BARRON’s price up: On Jan. 27, President Donald Trump posted a picture of himself with a FAFO meme coin on his social media platform, Truth Social, which bumped up the Solana-based meme coin’s price by 250% in four hours. The meme coin was created on the Pump.fun, Solana’s meme coin launching platform, and was named after Barron, the President’s youngest son. The token saw a sharp rise in its market capitalization and reached over $148K in those hours, as per CoinMarketCap.   FAFO/SOL trading chart on Raydium (15-min intervals), showing a price rebound with notable market volatility on January 27, 2025. Source: crypto.news While the President’s promotion has people interested in FAFO, the meme coin’s price started plummeting, and at the time of writing, it is trading at $0.00004161. This is a sharp decline of 28% in just one hour. This comes after another crypto named ‘Barron’ was launched on…

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Filed under: News - @ January 27, 2025 7:18 am