Barron Trump does not have a memecoin; however, one impersonating him saw a sharp rise and fall in the market.
By Godfrey Benjamin
Edited by Marco T. Lanz
Updated
3 mins read
A new memecoin named after Barron Trump has been making rounds within the crypto community. As reported by The Block, the new token initially surged to an impressive $460 million market cap within a few hours of launch.
This came as many speculated that Barron Trump, the youngest son of US President Donald Trump, might be associated with the token. However, this memecoin quickly plummeted in value when the speculation surrounding it was debunked.
It all began when an unverified new user shared a link to a profile on the memecoin launchpad site, Pump.Fun in a recent X post. The account claimed that this profile belonged to Barron Trump and that he had created the new memecoin.
The post included some blockchain details to make the story even more convincing, though none of it was verified. This single post proved sufficient to get people excited.
Social media went wild with the idea, and the token news quickly gained traction across multiple accounts that took the claim as fact. As more people shared the post, the coin’s market value shot up fast, hitting $460 million in just five hours.
The memecoin was driven by the frenzy of the potential Trump-family-backed crypto movement. However, the excitement was short-lived. As it turned out, Barron Trump did not create the profile. Notably, there is no evidence of his association with the token.
Instead, the profile was linked to a group that had launched multiple unofficial memecoins. They falsely claimed they were official tokens for celebrities like Ronaldo, Johnnie Walker, and Kai Trump.
These tokens were part of a broader trend of unauthorized celebrity-themed tokens circulating in crypto. It was revealed that the entire operation was likely just a group of enthusiasts with deep pockets trying to capitalize on the memecoin craze.
With no proof linking Barron Trump to the token, the excitement quickly faded. As a result, the price of the memecoin dropped by 95%, reflecting the collapse from its initial hype. The sudden downturn highlighted the volatility of the memecoin market, where hype can drive value.
However, a lack of substance causes a rapid crash. It serves as a reminder of the market’s unpredictable nature.
This is not the first time a memecoin tied to the Trump family had caught attention. In the days before Barron Trump’s coin made waves, Donald Trump and Melania Trump launched their memecoins.
Donald Trump’s token, TRUMP, garnered massive attention, reaching a massive $13.5 billion market cap. As reported by Coinspeaker, Solana’s Decentralized Exchange (DEX) hit a historic on-chain milestone, fuelled by the President’s new memecoin launch.
However, things took a strange turn when Melania Trump launched her token – MELANIA. The launch caused Donald Trump’s token to lose half its value, proving how unpredictable the memecoin market is.
Notably, the rise and fall of the false Barron Trump’s memecoin shows how rumors can make or break a coin in the crypto world. It is a clear example of how quickly sentiment can shift in this volatile market.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
