BARRON, an unofficial meme coin named after Donald Trump’s son, rewarded an insider wallet with $1.05 million after dumping it for Solana.
On Jan. 20, a fake BARRON meme coin was launched amidst the official presidential meme coins, TRUMP (TRUMP) and MELANIA (MELANIA). Despite being unofficial, many traders were quick to jump on the Solana-based meme coin inspired by Trump’s son. Its market cap quickly skyrocketed to as high as $72 million, though it has now plummeted to at least half that much.
In fact, the fake Barron meme coin soared so high that an insider wallet was able to earn more than $1 million after purchasing 136.35 million BARRON for $1,048 worth of Solana (SOL) tokens. After the token skyrocketed to major highs in a short period of time, similar to how TRUMP and MELANIA performed, the insider wallet dumped his tokens in exchange for 4,405 Solana, which is now equal to $1.05 million.
According to data from GMGN.Ai, the unofficial Barron meme coin value has gone down by more than 20% in the past 24 hours. In the past day of trading, it has accumulated $432 million in trading volume and holds a market cap of $33 million. The Solana-based token’s liquidity is at $2.9 million.
Moreover, Onchain Lens also detected “numerous insider wallets” within the trading pool, leading to significant losses for major players and whales hoping to make profit from the fake BARRON token. Currently, there are around 69,000 holders of the Barron meme coin. The token also has a rug probability rate of more than 53%.
In fact, a whale had suffered a loss of $1 million after buying 4.25 million BARRON for 506,715 FARTCOIN (FARTCOIN), worth $1.17 million at the time. However, after the fake token took a nosedive, the tokens held by the whale dropped in value, now only worth $159,839.
As most meme coins have done before, it is possible that the Trump family meme coins only saw major surges at the beginning of their cycle. The official meme coins of TRUMP and MELANIA skyrocketed to billions in market cap and trading volume. However, the hype has since died down.
According to data from crypto.news, in the past 24 hours TRUMP has fallen by nearly 30% from $74 to just $38. Even worse, MELANIA plummeted by nearly 60%, from $13 to only $4.40.
Read the full article here