TRUMP Meme Coin Skyrockets, Then Crashes After Fake Utility Rumors
A sudden 19% surge ended in a sharp drop as false claims of real-world use spread online.
The TRUMP meme coin experienced a dramatic price swing on Thursday, soaring from $10.4 to $12.4 before quickly tumbling after misleading reports claimed the token would gain real-world utility.
The frenzy kicked off when DB, a well-known crypto news outlet, posted on X that TRUMP would soon have "real utility." The market reacted instantly, fueling a sharp uptick in price. However, just seven minutes later, DB followed up with another post stating that its account had been compromised. This revelation sent the TRUMP token crashing back down to $10.8.
Adding to the confusion, some in the crypto community, including prominent figure Ansem, pointed out a grammatical error in DB’s follow-up post, raising concerns that the account might still be under hacker control.
Further complicating matters, DB’s compromised account reportedly spread other fake news, including claims that BlackRock had filed for a spot HYPE ETF.
DB has since deleted the unauthorized posts and urged followers to disregard any messages posted during the security breach. The outlet has also launched an investigation into the incident and promised to provide updates as soon as more information becomes available.
