Number Of New Trump-Themed Malicious Tokens Spike 206% After Official Memecoin Launch

Rubmar Garcia

4 months ago

3 mins read

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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.

Web3 security platform Blockaid shared that TRUMP’s successful launch also ignited a “rapid proliferation of malicious tokens, fake dApps, and scams using the Trump name and branding,” following the trend of scammers leveraging major news events in the crypto industry to target unsuspecting users.

According to the report, tokens with the “Trump” name increased by 206% on the launch day. The report stated, “Many of these tokens used misleading branding to lure investors.”

The chart shows that since late December, the number of new malicious tokens with the word “Trump” has hovered between 2,000 and 3,000 daily. However, this number increased to 6,800 tokens deployed on Friday, double the usual 3,300 Trump-inspired tokens created daily.

The creation of Trump-themed malicious tokens surged since the official memecoin launch. Source: Blockaid

Additionally, the number of fake dApps deployed saw record rates over the weekend. The malicious applications are often used to “trick users into connecting their wallets, allowing scammers to drain funds.”

Blockaid reports that impersonator dApps using President Trump’s name saw a 14x increase after the launch, with 91 malicious dApps deployed in 24 hours.

Trump Memecoin Frenzy Continues

The report highlighted that scammers didn’t stop at Trump-themed tokens. Memecoins with metadata referencing the Trump family, including Melania and Barron-inspired ones, surged by 592% over the weekend, “creating the illusion of an interconnected ecosystem.”

It’s worth noting that US First Lady Melania Trump announced the launch of her official memecoin, MELANIA, on Sunday afternoon. The launch pushed the crypto market to a 6% correction, with Bitcoin (BTC) dropping below $100,000, and TRUMP declining 49% in an hour.

On Inauguration Day, DexScreener’s main page showed a plethora of memecoins inspired by the Trump Family. Of the top 15 tokens, 11 were related to the presidential family, including the official TRUMP and MELANIA memecoins.

Fake Donald Trump Jr, Ivanka, and Eric memecoins were also launched, alongside Trump-related figures like US Vice President JC Vance and Elon Musk. Despite the several Musk-themed tokens already existing, the recently launched memecoins used branding inspired by the official Trump tokens.

Moreover, the Trump memecoin frenzy continued as the US President was sworn into office. A video shared on X shows that during Trump’s inauguration speech, community members created several new tokens themed after the speech.

Users flooded the market with dozens of memecoins using phrases like “Make America respected again” or “America will be admired again” just seconds after the US President pronounced them, potentially attempting to lucre from the ongoing hype.

As of this writing, the official TRUMP memecoin trades at $37.6, a 1.4% increase in the daily timeframe.

memecoin, TRUMP, TRUMPUSDT — TRUMP’s performance in the three-day chart. Source: TRUMPUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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