cryptobriefing

TRUMP meme coin pumps, then dumps after fake utility news

Key Takeaways

  • The TRUMP meme coin price surged 19% before falling due to fake utility news spreading on X.
  • DB’s compromised account spread false reports, leading to confusion and price volatility.

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The TRUMP meme coin saw a sudden 19% surge before plummeting after false reports circulated that it would have real-world utility.

The digital asset jumped from $10.4 to $12.4 after DB, a prominent crypto news outlet, posted on X that the TRUMP token would “have real utility” on Thursday.

TRUMP meme coin pumps, then dumps after fake utility news

The surge was short-lived as a follow-up post appeared approximately seven minutes later claiming the account had been compromised. The TRUMP token price fell to $10.8 following the statement.

TRUMP meme coin pumps, then dumps after fake utility news

Initially, it was uncertain whether hackers or DB posted the second tweet. Ansem and others in the crypto community observed a grammatical error in the tweet, suggesting the security breach had yet to be resolved.

Some X users reported that DB’s account also shared fake news that BlackRock had filed for a spot HYPE ETF.

DB has since removed the unauthorized posts and issued a statement asking users to disregard messages posted during the security breach.

TRUMP meme coin pumps, then dumps after fake utility news

The news outlet confirmed an investigation is in progress and will provide updates when available.

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