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International Business Times

Business

Marvie Basilan

Malicious Tokens, Trump-branded dApps Surge After President's Official Memecoin Launch: Blockaid

Barron Trump Donald Trump Melania Trump United States Crypto

Donald Trump launched his official memecoin, $TRUMP, ahead of his inauguration. (Credit: The Official Trump Meme Website / Screenshot)

KEY POINTS

6,800 tokens that used the "Trump" name were launched after $TRUMP, with many utilizing 'misleading branding to lure investors'
Fake Melania and Barron memecoins also saw a staggering 592% spike after the official Trump token's launch
91 fake dApps with the Trump branding were deployed as investors went crazy over the $TRUMP token

The launch of U.S. President Donald Trump's Official Trump (TRUMP) memecoin ahead of Monday's inauguration was a big win for early bird cryptocurrency holders who got wind of the launch as soon as the announcement was made, but it was a double-edged sword.

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