Barron, a new, unofficial meme coin inspired by US President Donald Trump's son Barron, has gained significant attention among traders after one wallet made more than $1 million in a short period of time, according to the Tribune website.
Launched on January 20, the coin is based on Solana, which was released alongside other meme coins named after Trump and his wife, such as REALTRUMP and MELANIA. It saw a rapid rise but also a rapid collapse, leaving many traders facing significant losses.
Although Barron's coin is unofficial and not affiliated with Trump's son in any way, it has benefited from the Trump family name in the meme coin market, where its market value rose to $72 million but quickly fell to half its value.
An internal wallet appears to have benefited greatly from the hype, buying 136.35 million Baron coins worth $1,048 worth of Solana, but after the price of the coin skyrocketed, the wallet withdrew its funds and exchanged its Baron holdings for 4,405 Solana, worth $1.05 million.
Despite the initial success, the value of the currency fell very quickly, causing huge losses for traders, as “Baron” witnessed a sharp decline of 20% within 24 hours, according to the website “GMGN.AI”.
One particularly notable case involved a crypto whale who lost around $1 million after buying 4.25 million from Barron’s for Fartcoin, a cryptocurrency that was worth $1.17 million at the time, but which had fallen dramatically to just $160,000.
Meme coins are known as trend coins, with online audiences reacting to them and associating them with political figures and their extreme volatility, and Barron's is no exception. The coin's rapid recovery reflects the speculative nature of such coins, where the initial excitement and hype can quickly fade, leaving investors vulnerable to significant losses.
On the other hand, official meme coins like Real Trump and Melania have been hugely successful, reaching billions of dollars in market cap and billions in trading volume. However, these coins have since seen significant drops in value in the past 24 hours, with Real Trump down 30% from $74 to $38 and Melania down 60% from $13 to just $4.4. Despite the temporary losses, these coins have continued to attract the attention of traders hoping to profit from their volatility.
While Barron Trump has yet to launch an official cryptocurrency or publicly endorse one, his name and image have become part of the meme coin craze.
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