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Memecoin traders struggle to sift signal from noise as dozens of imitators launch Trump-themed tokens.
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Traders are on the lookout for more Trump-branded memecoins after President Donald Trump’s eponymous token briefly broke $80 billion in fully-diluted value (FDV) within a day of launching on Jan. 18.
Spotting the next official Trump coin means sifting through dozens of fakes.
So far, only one other token, Official Melania (MELANIA) — referencing First Lady Melania Trump — has been endorsed by the Trump family. It hit an FDV of roughly $14 billion before retracing to less than $6 billion as of Jan. 20, according to CoinMarketCap.
Meanwhile, countless unofficial knockoffs bootstrapped market capitalizations in the hundreds of millions before crashing. One such token, deceptively dubbed Official Barron Meme (BARRON), hit highs of around $400 million before retracing more than 90%, according to DEX Screener.
Related: TRUMP targets $100B market cap as Arthur Hayes calls on ‘degens’ to celebrate
Speculation abounds on new Trump coin launches. Source: John Trades MBA
Imitators transferred dozens of Trump-themed memecoins to the crypto wallet associated with CIC Digital LLC, the Trump entity holding 80% of Official Trump’s (TRUMP) total supply. Some allocations, including Official Ivanka Trump, purport to be worth hundreds of millions of dollars.
On Jan. 19, Eric Trump, the president’s son, dismissed rumors that a potential “USA coin” was the Trump family’s next memecoin project. On Jan. 20, crypto influencer Kook flagged rumored official launches for memecoins tied to Barron and Eric Trump.
Barron Trump has been of particular interest to memecoin traders. Source: Kook
Suprise memecoin launch
Trump’s advisory team launched the TRUMP memecoin on Jan. 18 and MELANIA token on Jan. 19 on the Solana network, ahead of the president’s inauguration on Jan. 20.
Traders initially questioned whether the launch was the result of a social media hack. However, members of the Trump team later confirmed the authenticity of the memecoin — sending the token’s price soaring.
The launch of TRUMP had a profound impact on the Solana ecosystem. The token, which was built on Solana, has attracted traders’ attention for memecoin creation and significantly boosted its trading volumes.
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This article first appeared at Cointelegraph.com News
