Unofficial Barron Trump coin nets over $1m in rugged funds

BARRON, an unofficial coin named after Donald Trump’s son, rewarded an insider’s portfolio with $1.05 million after abandoning it for Solana.

January 20, a fake BARRON same corner was released amid official presidential coins, TRUMP (ASSET) and MÉLANIE (MELANIE). Although it is not official, many traders were quick to jump on the Solana-based meme coin, inspired by Trump’s son. Its market capitalization quickly climbed to $72 million, although it has now fallen to at least half that amount.

In fact, the fake Barron coin soared so high that an insider’s wallet was able to make over $1 million after purchasing 136.35 million BARRON for $1,048 from Solana (GROUND) tokens. After the token reached highs in a short time, similar to the performance of TRUMP and MELANIA, the insider wallet gave up their tokens in exchange for 4,405 Solana, which now equates to 1.05 million dollars.

According to data According to GMGN.Ai, the unofficial value of the Barron Meme coin has decreased by more than 20% in the last 24 hours. During the last trading day, it accumulated a trading volume of $432 million and holds a market capitalization of $33 million. The liquidity of the Solana-based token is $2.9 million.

Additionally, Onchain Lens also detected “many insider wallets” within the trading pool, leading to significant losses for major players and whales hoping to profit from the fake BARRON token. Currently, there are approximately 69,000 holders of the Barron meme coin. The token also has a probability rate of over 53%.

In fact, one whale had suffered a loss of $1 million after purchasing 4.25 million BARRON for 506,715 FARTCOIN (FARTCOIN), worth $1.17 million at the time. However, after the fake token plunged, the tokens held by the whale lost value, being worth only $159,839.

As most meme coins have done before, it is possible that Trump family meme coins only saw major increases early in their cycle. Official coins of TRUMP and MELANIA have skyrocketed to billions in market capitalization and trading volume. However, the hype has since died down.

According to data According to crypto.news, in the last 24 hours, TRUMP fell almost 30%, from $74 to just $38. Worse yet, MELANIA fell almost 60%, from $13 to just $4.40.