TRUMP Memecoin Sparks 206% Spike Of New Malicious Tokens
The ongoing Trump meme coin craze has sparked the creation of hundreds of coins inspired by the US president and his family. A recent report revealed that the number of malicious tokens and dApps using Donald Trump has skyrocketed since Friday, targeting unsuspecting investors and non-crypto people.
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Trump-themed scams surge
Over the weekend, US President Donald Trump’s comments surprised the crypto industry emission His official meme coin, Trump. The coin has been heavily criticized, with some cryptocurrency investors calling the president’s memecoin investment a “big red flag.”
Many community members initially suspected the coin was a hacking scam, while others expressed reservations about Trump’s token economics. Despite these doubts, the memecoin outperformed the market, surging to $30 within a few hours and hitting an all-time high (ATH) of $75 a day later.
Web3 security platform Blockaid shared Trump’s successful launch also sparked a “rapid proliferation of malicious tokens, fake dApps, and scams using Trump’s name and brand,” following a trend of scammers taking advantage of major news events in the crypto industry to target unsuspecting users.
According to reports, tokens with the name “Trump” rose by 206% on the day they were launched. “Many of these tokens use misleading branding to attract investors,” the report states.
The chart shows that since late December, the number of new malicious tokens bearing the word “Trump” per day has hovered between 2,000 and 3,000. However, that number increased to 6,800 tokens deployed on Friday, double the 3,300 Trump-inspired tokens that are usually created every day.
Additionally, the number of fake dApps deployed reached an all-time high over the weekend. These malicious apps are often used to “trick users into connecting their wallets, allowing scammers to steal funds.”
Blockaid reported that fake dApps using President Trump’s name increased 14x after launch, with 91 malicious dApps deployed within 24 hours.
Trump meme coin craze continues
The report highlights that scammers did not stop with Trump-themed coins. Meme coins with Trump family metadata, including ones inspired by Melania and Barron, surged 592% over the weekend, “creating the illusion of an interconnected ecosystem.”
It is worth noting that US First Lady Melania Trump announced the launch of her official meme coin MELANIA on Sunday afternoon. The release pushed cryptocurrency markets into a 6% correction, with Bitcoin (BTC) fall Falling below $100,000, Trump fell 49% in one hour.
On Inauguration Day, DexScreener’s homepage displayed a slew of meme coins inspired by the Trump family. Of the top 15 coins, 11 are related to presidential families, including the official TRUMP and MELANIA meme coins.
Fake Donald Trump, Ivanka and Eric Meme coins have also been launched alongside Trump-related figures such as US Vice President J.C. Vance and Elon Musk. While several Musk-themed tokens already exist, the most recently launched meme coin uses branding inspired by the official Trump token.
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Additionally, the Trump meme coin craze continues as the President of the United States is sworn in. a video shared X shows that during Trump’s inauguration speech, community members created multiple new speech-themed tokens.
Within seconds of the US president’s announcement, users flooded the market with phrases like “Make America respected again” or “America will be admired again” in an attempt to cash in on the ongoing hype.
As of this writing, Trump memecoin is officially trading at $37.6, up 1.4% from the daily time period.
Featured image from Unsplash.com, chart from TradingView.com
