FAFO Barron Meme Coin Surges 250% Following Trump’s Post Amid Visa Scam Hack
A Solana-based meme coin, FAFO Barron, experienced a price surge of 250% within four hours following a post by President Donald Trump. The post featured a photo with the acronym "FAFO," leading to increased interest and a market cap of $148,000. Elon Musk's endorsement further amplified the coin's popularity.
However, the excitement was short-lived as the token's value plummeted by 91%, reducing its market cap to $10,000. This decline raises concerns about its long-term viability, similar to a previous unrelated Barron token that collapsed due to a rug-pull scam.
Meme Coin Challenges
In related news, hackers targeted Visa's Facebook account to promote a fake Solana token, $VISA, which also turned out to be a rug-pull scam. The situation highlights vulnerabilities in Solana’s ecosystem, particularly on platforms like Pump.fun, where only 0.4% of users report significant profits.
Additionally, actor Dean Norris's account was hacked to promote another fraudulent token, DEAN, which initially surged to $8.4 million but has since dropped to $52,000. Norris confirmed he has no ties to the token.