--- title: "Gullible Trump Supporters Lose Millions on Fake $BARRON Meme Coin" description: "A fake meme coin named after Trump's youngest son, dubbed Official Barron Meme, took off on Monday, before crashing almost immediately." date: "2025-01-22" modified: "2025-01-22" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/trump-fake-barron-meme-coin" categories: - "Blockchain" - "Future Society" tags: - "bitcoin" - "cryptocurrencies" - "donald trump" - "memecoin" - "the digest" --- # Gullible Trump Supporters Lose Millions on Fake $BARRON Meme Coin ![A fake meme coin named after Trump's youngest son, dubbed Official Barron Meme, took off on Monday, before crashing almost immediately.]() *\Image: Kevin Lamarque - Pool/Getty Images\* ## Family Affair Following the [launch of two meme coins]() by president Donald Trump and first lady Melania Trump last week, scammers were happy to follow suit and grift their way to millions. A fake meme coin named after Trump's youngest son Barron, dubbed Official Barron Meme, took off on Monday, soaring to a valuation of more than $400 million — before [crashing by more than 90 percent]() just minutes later, as [*Cointelegraph* reports](). It was a textbook example of a rug pull, with scammers cashing in on rampant hype and speculation, only to abscond with millions by leaving gullible investors high and dry (countless other unofficial meme coins also capitalized on the excitement surrounding the president and his wife's dubious crypto schemes, with more limited success.) In many ways, it's exactly the kind of headline that [actual crypto execs are afraid of]() as Trump embraces the scammiest side of the tech. The largely unregulated industry has [been watching in horror]() as Trump continues to undermine its legitimacy with naked cash grabs. ## Unserious Business Trump's family has had to ward off a wave of crypto scams, with Eric Trump [dispelling rumors on X-formerly-Twitter]() last week that an official "USA Coin" could be "released in a week." Other tokens like FreedomCoin (FREED), TrumpCoin (DJT), and Save America (DJT) [added to the confusion](), making the rounds despite having no actual affiliation with the president. In short, it shouldn't come as a surprise that the crypto industry [reacted with pure disbelief]() when Trump announced his own meme coin, with influencers questioning the ruse's legitimacy. "If it’s a hack, then this is going to severely mute Trump’s bullishness on crypto right as he takes office (bearish)," BecauseBitcoin founder and CEO Max Schwartman [tweeted]() shortly after Trump's legitimate announcement last week. The president [had to double down](), assuring investors that $TRUMP was indeed his official meme coin. So far, the token and $MELANIA are the only verified meme coin projects with actual ties to the family. In many ways, the damage has already been done. Now that Trump has set the tone by launching his own meme coin, the crypto industry is understandably concerned about where things are headed, especially as far as crypto regulation is concerned. "I really was kind of bummed out when I saw it," crypto venture capital firm Dragonfly partner Tom Schmidt [told *ABC News*](). "It just felt very grifty and cheap." "Now, on the cusp of getting some liberalization of crypto regulations in this country, the main thing people are thinking about crypto is, 'Oh, it’s just a casino for these meme coins,'" Trump supporter and crypto investment firm Castle Island Ventures partner Nic Carter added. "It does the opposite of validating us, it makes it look completely unserious." **More on the grifts:** *[Actual Crypto Execs Disgusted by Trump's Memecoin Cash Grab]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()