Donald Trump’s controversial meme coin, launched just before his second inauguration in January, has stirred up a wave of copycats in the crypto world.
These “fake” coins, many named after Trump and his family members, are flooding the digital space, leading to a growing concern for unsuspecting investors.
According to the Financial Times, over 700 new meme coins have been uploaded to Trump’s official digital wallet in recent weeks.
Many of these coins appear to be connected to Trump’s official $Trump cryptocurrency, but none have any formal ties to the former president.
The scam coins use names that resemble Trump’s, such as “Official Trump,” “Official Melania,” and names of his children like Ivanka, Don, and Eric Jr. The flood of fake coins has sparked confusion and deception, with speculators potentially exposed to significant risks.
Eswar Prasad, senior fellow at the Brookings Institution, pointed out that Trump’s launch of his own coin has led to rampant speculation and opened the door to fraudulent activity. He warned that ordinary investors buying into these copycat coins risk losing their money.
Some coins have even used the name and symbol of Trump’s official currency, further misleading potential investors. Other fake coins have included outlandish names like “Official Hitler” and “Poo Coin.”
Despite these concerns, the cryptocurrency craze continues, with investors eager to cash in on the Trump name. However, the market’s volatility and the rise of fake coins highlight the risks involved for those caught up in the hype.
