In recent days, the TRUMP memecoin craze has led to an influx of tokens inspired by the US president and his family. A new report indicates a surge in malicious tokens and decentralized apps (dApps) utilizing Donald Trump themes, posing a threat to unsuspecting investors and those unfamiliar with the crypto space.
Rise in Trump-Themed Scams
Over the weekend, President Donald Trump made waves in the cryptocurrency realm by introducing his official memecoin, TRUMP. The token faced criticism from many in the crypto community, who viewed the President’s venture into memecoins with skepticism.
Despite initial doubts and concerns over TRUMP’s tokenomics, the memecoin quickly gained traction, reaching $30 within hours and peaking at $75 the following day.
Blockaid, a Web3 security platform, reported a significant uptick in malicious tokens, counterfeit dApps, and scams capitalizing on the Trump brand following the successful launch of TRUMP. Scammers are seizing the opportunity to target unsuspecting individuals by leveraging the popularity of major events within the crypto industry.
According to Blockaid, tokens incorporating the “Trump” name saw a 206% increase on the launch day, with many using deceptive branding tactics to lure investors.
The data indicates a sharp rise in new malicious tokens featuring “Trump,” with daily figures doubling to 6,800 tokens deployed on the launch day, surpassing the usual 3,300 daily creations.
In addition, there was a notable increase in the deployment of fake dApps over the weekend, with scammers employing these applications to deceive users into sharing wallet information for nefarious purposes.
Blockaid’s findings reveal a 14-fold surge in impersonator dApps using President Trump’s name post-launch, with 91 malicious dApps introduced within 24 hours.
Ongoing Trump Memecoin Mania
The report underscores that scammers expanded beyond Trump-themed tokens to include memecoins referencing the Trump family, such as those inspired by Melania and Barron, witnessing a 592% surge over the weekend.
A noteworthy development was the launch of the official MELANIA memecoin by US First Lady Melania Trump, which triggered a 6% correction in the crypto market. This correction saw Bitcoin falling below $100,000 and TRUMP experiencing a 49% decline in just an hour.
On the day of the inauguration, DexScreener showcased numerous memecoins tied to the Trump Family, with 11 of the top 15 tokens relating to the presidential family, including TRUMP and MELANIA.
Notably, fake memecoins inspired by Donald Trump Jr., Ivanka, and Eric, as well as Trump-adjacent figures like Vice President JC Vance and Elon Musk, were launched. Despite preexisting Musk-themed tokens, the new memecoins adopted branding related to the official Trump tokens.
The frenzy around Trump memecoins persisted as the President assumed office. Community members quickly developed new tokens inspired by Trump’s inauguration speech, flooding the market with phrases from the speech to capitalize on the hype.
As of now, the official TRUMP memecoin is trading at $37.6, marking a 1.4% increase within a day.
