A trader lost almost $1 million in just two hours because of FOMO (Fear of Missing Out) after investing in the BARRON memecoin. This coin was mistakenly believed to be associated with Barron Trump.
The token was not created by the Trump family, but the confusion over its name and a recent surge in Trump-related tokens led to the trader losing their money.
Lookonchain shared the trader’s transaction on X and warned about the risks of trading due to excitement.
The trader reportedly bought BARRON at its highest price, only to see the token’s value collapse shortly after. At the launch, the token saw interest and surged over 90% in a minute, but right now the token has completely lost its value.
A lot of people thought the memecoin was linked to Donald Trump’s son, but there was no official statement from the family or Trump himself. Making BARRON token a classic pump and dump scheme.
Meanwhile, the family has launched two new tokens in 3 days. The first was $TRUMP, which the president himself announced via his X account on Saturday, and the $MELANIA coin linked to Melania Trump, which was launched earlier today.
Both memecoins saw great interest from crypto traders. In fact, many traders made a lot of money from them. However, exploiting the trend, soon new tokens with Trump family names surfaced, and their launch caused great confusion in the market.
According to a previous report, the release of $MELANIA caused the value of $TRUMP to dip. In short, traders didn’t want to lose out on the new release, so they dumped $TRUMP to trade $$MELANIA. However, shortly after the launch, the $MELANIA token also lost interest and dropped from $17 to $7 in a few hours.
Also Read: Melania Trump’s $MELANIA Launch Sparks Controversy
