BARRON, an unofficial meme coin named after Donald Trump’s son, rewarded an insider’s wallet with $1.05 million after dumping it for Solana.
On January 20, a fake BARRON meme coin was launched amid the official presidential meme coins, TRUMP (TRUMP) and MELANIA (MELANIA). Despite not being official, many traders quickly jumped on the Solana-based meme coin, inspired by Trump’s son. Its market capitalization quickly shot up to a whopping $72 million, but has now fallen to at least half that.
In fact, the fake Barron meme coin rose so high that an insider wallet was able to make more than $1 million after purchasing 136.35 million BARRON for $1,048 worth of Solana (SOL) tokens. After the token shot to major highs in a short period of time, similar to how TRUMP and MELANIA performed, the insider wallet dumped its tokens in exchange for 4,405 Solana, which is now equal to $1.05 million.
According to data from GMGN.Ai, the value of the unofficial Barron meme coin has fallen by more than 20% in the past 24 hours. Over the past trading day, it has accumulated a trading volume of $432 million and a market capitalization of $33 million. The liquidity of the Solana-based token is $2.9 million.
Furthermore, Onchain Lens also discovered “numerous insider wallets” within the trading pool, leading to significant losses for major players and whales hoping to make profits from the fake BARRON token. There are currently approximately 69,000 holders of the Barron meme coin. The token also has a carpet probability rating of over 53%.
In fact, a whale suffered a $1 million loss after purchasing 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 whale tokens dropped in value and were now worth just $159,839.
As most meme coins have done before, it’s possible that the Trump family meme coins didn’t see a big surge until 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 now disappeared.
According to data from crypto.news, TRUMP has fallen almost 30% from $74 to just $38 in the last 24 hours. Even worse, MELANIA plummeted almost 60%, from $13 to just $4.40.
