Last Thursday, Ivanka strongly opposed a meme coin project bearing her name without permission, amidst a significant decline in the official TRUMP token of former President Donald Trump.
Ivanka Trump Speaks Out
Ivanka Trump asserts that she is not associated with the recently emerged meme coin. In a post on social media platform X (formerly Twitter), she stated that her legal team is "taking measures" against those who created this coin.
"This fake coin poses a risk of defrauding consumers and infringes on my rights," Ivanka shared.
TRUMP Token Plummets
Meanwhile, the TRUMP token – the official coin of Donald Trump – has dropped over 6% in the past 24 hours, now only around 36 USD, down more than 50% from the peak set last weekend.
The decline of the TRUMP token comes after this currency and Melania Meme (MELANIA) drew attention with a surge in prices, pushing the market capitalization into the billions of USD. However, this has also led to congestion on cryptocurrency exchanges in recent days.
IVANKA Token Skyrockets
Despite being condemned by Ivanka Trump, the IVANKA token still attracts attention. This coin has a market capitalization of over 1.1 million USD and recorded a trading volume of 1.6 million USD in just the past 24 hours, according to data from DexScreener.
After Ivanka's post, the price of IVANKA surged by about 40% in just one hour, even though this coin has been accused of being "unofficial" and at risk of fraud.
Warning from the Crypto Market
The cryptocurrency market is increasingly flooded with meme coin projects using the names of celebrities without permission. Many projects have been accused of fraud, such as tokens related to singer Iggy Azalea or player Kylian Mbappe, often used in "pump-and-dump" schemes through fake social media posts.
Conclusion
Legal action from Ivanka Trump serves as a strong warning about the risks of unverified meme coin projects. Investors need to be cautious and conduct thorough research before participating in highly speculative tokens.
Note: The cryptocurrency market is always fraught with risks. Please consider carefully before investing.