The ongoing TRUMP memecoin frenzy has sparked the creation of hundreds of tokens inspired by the US president and his family. A recent report revealed malicious tokens and dApps using Donald Trump references skyrocketed since Friday, targeting unsuspected investors and non-crypto people.
Trump-Themed Scams Skyrocket
Over the weekend, US President Donald Trump surprised the crypto industry by launching his official memecoin, TRUMP. The token received heavy criticism, with several crypto investors calling the President’s memecoin venture a “big red flag.”
Many community members initially suspected the token was a hacking scam, while others expressed reservations about TRUMP’s tokenomics. Regardless of the doubts, the memecoin eclipsed the market, skyrocketing to $30 in a few hours and hitting an all-time high (ATH) of $75 a day later.
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