So, the Trump administration was all about cryptocurrency and web3, huh? Well, that’s just peachy. But, let’s talk about the real elephant in the room – memecoins! 🐘
You know, those digital assets inspired by memes and celebrities that have been taking the crypto world by storm. 🤪
The launch of Melania Meme (MELANIA) and Official Trump (TRUMP) has attracted a whole new crowd of traders in the past 48 hours. And, let’s not forget about the Finn (FINN) memecoin that caused quite a stir recently. 😮
MetaMask Co-founder Falls Victim of Fake Memecoin Promotion
Oh, the drama! MetaMask’s co-founder, Dan Finlay, had his Farcaster account hacked and used to promote the Finn memecoin. 😱
But, fear not, dear crypto enthusiasts! MetaMask has issued a stern warning to all meme traders out there – stay vigilant and do your research before diving into the world of memecoins. 🔍
This morning, our co-founder Dan Finlay’s Farcaster account was compromised and used to promote a memecoin.
We are in touch with the Farcaster team to help investigate the incident.
Bad actors want to take advantage of your FOMO – please verify anything and everything, and…
— MetaMask 🦊🫰 (@MetaMask) January 20, 2025
Despite the warning, the FINN memecoin managed to attract nearly 4k holders at a fully diluted valuation of about $209k and a 24-hour average trading volume of about $38 million. 🤑
Bigger Picture
According to Ki Young Ju, the founder and CEO at CryptoQuant, the Trump administration will democratize the memecoin industry, especially those inspired by celebrities. For at least four years, Young noted that the creation of memecoins would lead the way in the cryptocurrency industry.
Even billionaire Mark Cuban has signaled a potential memecoin creation following the resounding success of the Trump-backed token on the Solana network. 🚀
If meme coins are the way, maybe I’ll issue one. With a twist. Same terms as $TRUMP . 20% float. Same release schedule. One difference.
All the revenue from the sale of the coins go to the US Treasury. The wallet address will be published so everyone can track it.
If…
— Mark Cuban (@mcuban) January 20, 2025
But, let’s be real here. Every crypto project has a memecoin nature with the possibility of a rug pull. However, memecoin projects that are backed by reputable companies, especially social media platforms, stand a better chance of surviving long-term prospects. On the other hand, celebrity memecoins tend to lose bullish traction as other hot and shiny projects emerge over time. 💸
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2025-01-21 03:03