Barron Trump’s Unofficial Memecoin Hits $460 Million Market Cap Before 95% Drop
A new memecoin named after Barron Trump experienced a rapid rise and fall in the crypto market. Initially, it reached a market cap of $460 million within hours of its launch due to speculation about Barron Trump's involvement.
The surge was fueled by:
- An unverified social media post claiming Barron Trump created the token.
- Blockchain details shared alongside the post, which were not verified.
- Rapid sharing across social media platforms, creating excitement.
However, the claims were unfounded. Barron Trump did not create the profile linked to the token. The profile was associated with a group that had previously launched multiple unofficial memecoins. As a result, the token's value plummeted by 95% once the rumors were debunked, highlighting the volatility of the memecoin market.
This incident is part of a broader trend involving the Trump family's ventures into memecoins:
- Donald Trump's token, TRUMP, reached a market cap of $13.5 billion.
- Melania Trump's token, MELANIA, caused Donald Trump's token to lose half its value.
The rapid rise and fall of Barron's memecoin exemplify how quickly market sentiment can shift based on rumors in the cryptocurrency space.