TRUMP Meme Coin Skyrockets, Then Crashes After Fake Utility News
A sudden surge fueled by false reports quickly fizzled out, leaving traders scrambling.
The TRUMP meme coin saw a brief but dramatic 19% surge before crashing, all thanks to misinformation about its supposed real-world utility.
It all started when DB, a well-known crypto news outlet, posted on X that the TRUMP token would "have real utility" on Thursday. Investors rushed in, pushing the coin’s value from $10.4 to $12.4 in no time. But the excitement was short-lived.
Just seven minutes later, another post appeared, claiming DB’s account had been compromised. Panic set in, and the TRUMP token tumbled back down to $10.8.
At first, it wasn't clear whether hackers were responsible for the follow-up post or if DB itself had regained control. Crypto analysts, including Ansem, pointed out a grammatical mistake in the tweet, hinting that the breach might still be ongoing.
To make matters worse, some users on X reported that DB’s hacked account had also spread fake news about BlackRock filing for a spot HYPE ETF.
DB has since deleted the unauthorized tweets and urged followers to ignore any posts made during the security incident.
