Donald Trump Meme Coin Launch Triggers Influx of Digital Imposters

Despite previously dismissing cryptocurrency as “a scam,” Donald Trump has potentially amassed billions from the launch of his self-branded meme coin just before his second inauguration in January.

Former US President Donald Trump, who once dismissed cryptocurrency as “a scam,” may have made billions from launching his self-branded meme coin just before his second inauguration in January, the Financial Times reported on Monday (February 8).

Trump’s move has inspired an army of digital imposters seeking to cash in on his name, the newspaper said.

Over 700 new meme coins have been sent to Trump’s official digital wallet in recent weeks, many named after him or his family members but with no official affiliation, the Financial Times reported, citing blockchain data.

Speculators might be deceived by these names into thinking they are buying the real $Trump cryptocurrency, which has seen its value plummet, according to experts.

“By introducing his own coin, Trump has opened the floodgates to deception … and at the very least, rampant speculation,” said Eswar Prasad, a senior fellow at the Brookings Institution and an economics professor at Cornell University.

“Ordinary investors piling into these copycat coins are being exposed to outsize risk.”

Many of the over 200 fake coins are named after Trump’s family members, including Official Trump and Official Melania.

The First Lady launched her own meme coin, $Melania, soon after her husband’s, which analysts said halved the value of $Trump and set it on a downward trajectory that has not recovered.

Four of Trump’s five children also have meme coins named after them, with his youngest son Barron leading the pack with 30 imitations, followed by Ivanka with 26, and older sons Don and Eric Jr with 14 combined, according to the newspaper.

Other cryptocurrencies in the Trump wallet are named after people like “Elon” and “Musk,” referring to the world’s richest man.

Some of the fraudulent coins even use the same name and symbol as Trump’s official currency, while others, like Official Hitler and Poo Coin, are obviously meant to deceive, the Financial Times reported.

The first imitation coin was minted 29 minutes after the official launch announcement on Trump’s Truth Social platform, as scammers moved swiftly to cash in, according to the newspaper.

Trump’s involvement in the crypto space has drawn criticism from ethics watchdogs and economists, the Financial Times said.

Prasad pointed to the troubling combination of Trump’s “grifting tendencies” and his administration’s embrace of cryptocurrencies, along with a dismissive stance towards government regulation, during his presidency.