Trump’s memecoin inspires Val Copycats

Donald Trump’s new cryptocurrency has encouraged a flood of imitators, with more than 700 copies and unwanted coins sent by people to his digital wallet, who obviously want to suggest that their creations have his approval, which has led to warning that investors risk them to attract.

The findings are the result of an analysis of the Financial Times after President and his wife Melania launched Memecoins, who lacked practical use and whose value was completely supported by speculation, days before returning to the White House last month.

FT has found 736 different memecoins that have been deposited in the official wallet of Trump’s coin in the last three weeks. Among them is almost 200 – including “official Trump” and “official melania” – named after Trump or his family members, but have nothing to do with the president.

Creating memecoin, Trump “opened floods on the deception.. He added that ordinary investors buying nettlescat nettles “just expose them to a huge risk.”

FT analyzed the share of the official wallet of Trump’s coin, controlled by entities supported by the president and holds 80 percent of his token, with the aim of releasing them to investors in the future.

After the true Trump coin was launched, the first so -called Copycat coin was forged within 30 minutes, undergoing that the creatives were quickly trying to benefit from Trump’s interest in cryptocurrencies.

Memecoin creators exploit function in Solana – Blockchain that supports Trump’s memecoins – which allows users to throw new coins in another wallet without the need for permission. Anyone can create memecoin, and online generators help users make them without coding need.

Appearing in a high wallet, such as the official Trump reserve, it increases the visibility of token and the possibility that traders can confuse them for official coins or can give the illusion of official Trump support, which could stimulate the price.

“For a uniform investor, it is very difficult to separate the original projects” from Copycat coins, said Omid Malekan, an assistant professor at Columbia Business School.

Since 192 tokens named Trump or his family members, 167 are Copycat coins, while 67 uses the word “official” on behalf. On their behalf, they contain 35 coins containing the words “Elon” or “musk”, in apparent reference to the Tesla and Trump Ally CEO.

The members of Trump’s family who did not launch their own crypto currencies also inspired unofficial coins that were inserted into the official wallet – 30 contains the word “Barron”, 26 contain the word “Ivanka” and contain the word “Eric”, referring to the president’s children.

Twelve memecoin using the word “melania” is also deposited in Trump’s wallet. None of this is a real $ melania coin, the only other official memecoin launched by a member of Trump’s family.

Copycats “attract an investor interest in something.. Obviously there will be the next bubble in which people lose money,” said Danielle Brian, the project director of the Government supervision, a non -profit guardian.

Six coins deposited in Trump’s wallet uses the same name and symbol as the official Trump coin, while eight contains a slogan of “struggle” used in the accompanying coin image. Other coins include “Trump King”, “Trump strikes Biden”, “Official Hitler” and “Poo Coin”.

The FT Analysis has discovered a number of unusual transactions. For example, about eight minutes after the creation of the “official Trump” Copycat coin, one account bought a $ 100,000 fake coin, just to sell all posture 12 seconds later for a slight loss. The intention behind the store is not clear.

Most coins are also extremely illiquid, which makes it difficult to accurately price tokens lowered into a wallet.

The shares of the “Official Baron Trump” coin – named after the president’s youngest son – in the president’s wallet is thoughtfully estimated at about $ 6 billion, according to Solscan, a platform for the cryptocurrency analytics, based on the last transaction price.

But the Token was not traded since January 21, and the largest transaction that happened was for $ 242.

Gettruumpmemes.com, the website of the official coin of President Trump, did not respond to commenting requests.

Some cryptocurrency exchange has become flooded with the number of token.

Brian Armstrong, Coinbase CEO recently said that the company had to re -examine its case of listing token “Since they exist [about] 1mn token a week is created now and grows.

“The estimate of each one is no longer feasible,” he added.

Additional Chris Cook reporting