TRUMP Meme Coin Surges 19% on False Promises of Real-World Utility

The TRUMP meme coin saw a sudden 19% surge before plummeting after false reports circulated that it would have real-world utility.

A meme coin reportedly linked to former U.S. President Donald TRUMP saw a 19% surge on Thursday after a crypto news outlet reported that the token would have real-world utility.

However, the surge was short-lived as the news outlet's account appeared to be compromised.

The TRUMP token price rose from $10.4 to $12.4 after 'DB' posted on X, formerly known as Twitter, that the token “will have real utility.”

The post appeared at 1:33 p.m. and quickly caught the attention of Ansem, a crypto market observer.

About seven minutes later, another post appeared stating that the account had been compromised and to ignore any messages posted during the breach.

The statement, which appeared at 1:40 p.m., added that the unauthorized posts have been removed and an investigation is in progress.

The TRUMP token price dropped to $10.8 following the news outlet’s statement.

Initially, it was unclear whether hackers or 'DB' posted the second tweet. Ansem and others in the crypto community observed a grammatical error in the tweet, suggesting the breach had yet to be fully resolved.

Some X users also reported that 'DB's account shared fake news that BlackRock (NYSE:BLK) had filed for a spot HYPE ETF.

This wasn't the first time a major crypto news outlet's account was compromised. In April, a hacker gained access to ChainShot's X account and shared a phishing link in a reply to an Ansem post.

The post quickly went viral, garnering over 2 million impressions and 10,000 engagements before it was deleted. Ansem's original post, which had about 1.3 million impressions and 9,000 engagements, was also deleted.

The TRUMP token appeared in March and quickly gained popularity, leading to the creation of several fan tokens.

One fan token, called TRUMP.V1, saw its price surge 1088% in 24 hours after crypto influencer Mizti chatted with the token's creator, who claimed to be a 16-year-old coding genius.

The token's price shot up from $0.0003 to $0.04 after Mizti's interview, which was viewed over 60,000 times.

Despite the hype, TRUMP is a meme coin and does not have any inherent value.

The tokens are created and sold by individuals, and there is no guarantee that the tokens will appreciate in value.

Investors are advised to conduct their own research before investing in any cryptocurrency.