Cryptocurrency traders have been left reeling after falling victim to a fake meme coin, $BARRON, which falsely claimed to be associated with Barron Trump, the youngest son of former President Donald Trump. The coin, though not officially linked to the Trump family, saw a meteoric rise of 90% in value in just one minute, only to crash down to nothing shortly after.
This crash came after a series of official meme coin launches by the Trump family, leading some traders to believe $BARRON was legitimate. Unfortunately, many were caught off guard by its sudden fall, with one investor reporting a loss of $1 million within two hours.
Trump’s Official Meme Coin Takes Center Stage
The fiasco began on January 17 with the launch of $TRUMP, a meme cryptocurrency endorsed by Donald Trump himself. Announced on social media, Trump encouraged his followers to buy into the token, proclaiming:
“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Have Fun!”
Initially, the $TRUMP token exploded in value, reaching a market capitalization of $71 billion and momentarily ranking as the 15th largest cryptocurrency. However, the excitement was short-lived. Following Trump’s inauguration on January 20, the token’s value dropped dramatically to around $40 billion, pushing it down to the 28th spot in market rankings, according to CoinGecko.
Growing Criticism of the Trump Family’s Cryptocurrency Involvement
The launch of $TRUMP, followed by the release of $MELANIA, quickly attracted widespread criticism. Many accused Trump of using his influence to profit from the growing trend of meme coins, raising concerns about potential conflicts of interest.
Nic Carter, a partner at Castle Island Ventures, voiced his concerns on social media, stating:
“Presidents traditionally refrained from starting or running businesses to avoid conflicts of interest. Launching meme coins and DeFi protocols undermines this norm and could result in widespread violations of compensation terms.”
Billionaire Mark Cuban also expressed his worries, suggesting that the cryptocurrency market could suffer setbacks in its efforts to gain legitimacy due to such actions.
Melania Trump Enters the Crypto Scene
Just days after $TRUMP’s release, Melania Trump launched her own cryptocurrency, $MELANIA. The launch added fuel to the fire, as $MELANIA’s value doubled, further undermining $TRUMP’s standing. Melania promoted her coin on social media with the message:
“The Official Melania Meme is live! You can buy $MELANIA now.”
This caused even more skepticism, with critics questioning the family’s intentions in the rapidly expanding cryptocurrency space.
The Rise of Imitation Coins: Enter $BARRON
The official Trump family meme coins, along with their volatile price swings, sparked the creation of numerous unofficial coins, including $BARRON. These imitation coins, lacking any real connection to the Trump family, led to confusion among traders, resulting in more losses. Though Barron Trump himself has not launched a meme coin, the hype surrounding his name was enough for scammers to exploit his association.
Barron Trump’s Growing Business Footprint
While his cryptocurrency coin remains absent, Barron Trump is reportedly venturing into business in other areas. The 18-year-old is planning to launch a luxury real estate venture with two young partners. Based at the Trump family’s Mar-a-Lago estate in Palm Beach, the venture is expected to launch this spring.
Cameron Roxburgh, Barron’s co-founder, revealed that their original plans were paused to avoid unwanted media attention during the election period but are now moving forward.
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