Trump’s post fueled FAFO Barron token’s rise and collapse, while scams on Solana’s Pump.fun platform raise investor concerns.
A Solana-based meme coin made headlines after President Donald Trump’s post caused its price to skyrocket. The President shared a photo on Truth Social, his social media platform, wearing a fedora and standing next to a sign that read “FAFO”, an acronym for “F*** Around, Find Out”. The phrase, often used to imply consequences for actions, quickly went viral, sparking a frenzy around the FAFO Barron token.
The coin, launched on Solana’s Pump.fun platform, surged 250% in just four hours, reaching a market cap of $148,000. Named after Trump’s youngest son, Barron, the token became a sensation, amplified by Elon Musk, who called Trump’s post “awesome“. The buzz around the token tied into the President’s defiant stance on political issues, including Colombia’s refusal to cooperate with US immigration policies.
Meme Coin Hype Fades amid Sharp Declines
Despite the initial excitement, the FAFO Barron coin’s value dropped sharply by 91%, raising concerns about its long-term stability. This isn’t the first time a Solana-based token linked to the President has faced trouble. A previous token named Barron, which was not connected to the Trump family in any way, collapsed after pulling $1 million in what was described as a rug-pull scam, where token developers suddenly sell off their holdings, leaving investors with significant losses.
The FAFO Barron token now has a market cap of barely $10,000, according to data from CoinMarketCap, further raising questions about whether it is another rug-pull coin.
Visa Hack and DEAN Token Add to Solana’s Challenges
In an unrelated but equally concerning incident, hackers compromised Visa’s official Facebook account to promote a fake Solana token $VISA. The token’s price spiked temporarily but crashed after it was revealed to be another rug-pull scam.
These events show the challenges within Solana’s ecosystem, particularly on platforms like Pump.fun, which make it easy to launch meme coins but are often exploited by scammers. Data shows that only 0.4% of users on the platform have managed to profit $10,000 or more, while the majority suffer losses. On January 15, Burwick Law revealed it is preparing a lawsuit against Pump.fun, with the firm’s founder describing the platform as a modern MLM scam that preys on investors.
Similarly, Hollywood actor Dean Norris’s X account was hacked to promote a fake token. The token rose quickly to $8.4 million on January 25, according to data from DEX Screener, but has since dropped to $52,000 as traders began withdrawing. Norris has clarified that he has no connection to the token, whose price has fallen by more than 57% in the last 24 hours. The DEAN token, also a Solana-based token launched via Pump.fun, adds to the growing list of fraudulent meme coins launched on the platform.
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