Key Points:
- The Barron Trump meme coin has been accused of being a scam, with transactions linked to a creator’s wallet rather than an official Trump deployment.
- The coin initially surged to $400 million before crashing to $84 million, fueled by speculation that Barron Trump would launch an official cryptocurrency.
A Barron Trump meme coin named after Donald Trump’s youngest son has been accused of being a scam.
Read more: Rumor: Three New Trump Meme Coins Are Coming
Barron Trump Meme Coin is Facing Market Decline Amid Scam Claims
According to Nick, the coin’s deployment and buys appear to have been faked by connecting it with popular addresses to give a phoney impression of official involvement from Trump’s team. The Barron Trump meme coin, which once surged to a $400 million market cap, has plunged to $84 million.
Ford explained that this, while seeming to involve the official wallet of Barron Trump, actually is from the creator’s wallet named Barron PF. These are linked to a number of purchases of small amounts of SOL that can be seen to raise suspicions about the legitimacy of the coin. The transactions also show, on the wallet of the creator, his name in the “from” section, raising several questions of authenticity.
Some public figures, including Martin Shkreli, added to the hype in the Barron Trump meme coin when he linked the wallet to Barron Trump’s past behaviour to make the market believe it was a real coin.
“It’s not about whether the coin is real or not, it’s the optics of it all. Clearly, the market believed it was real enough,” said Ford.
Suspicion Builds Over Barron Trump’s Alleged Involvement with Cryptocurrency
The rise and fall of the BARRON coin come after Melania Trump launched her official MELANIA meme coin, leading some to speculate that Barron Trump would follow suit.
Barron has been referred to as a crypto expert and has an official role in the Trump family’s cryptocurrency project, World Liberty Financial. A lot in Barron himself has changed since his father entered the presidency, including changes in his public persona and in which schools he attends. For now, though, the BARRON meme coin is still mired in controversy.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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