- Ivanka Trump denies involvement with the fake “$IVANKA” meme coin.
- Fraudulent tokens $TRUMP and $MELANIA also see sharp price drops.
What Happened: Ivanka Trump issues warning over fake crypto coin
Ivanka Trump has publicly disassociated herself from a fraudulent cryptocurrency named after her, warning investors not to fall victim to the scam. In a post on social media platform X on Thursday, she stated: “I have no involvement with this coin.” She emphasised that the “$IVANKA” token, promoted without her consent, poses a risk of deceiving consumers and defrauding them of their money.
This warning comes shortly after the launch of two other meme tokens, $TRUMP and $MELANIA, inspired by President Donald Trump and First Lady Melania Trump. Both coins have experienced significant price volatility. The $TRUMP token, which initially surged in value, has lost 50% of its peak price and is now trading at $37. Similarly, $MELANIA has plunged 80% from its weekend high, currently trading at $2.84. Despite their popularity among crypto traders, meme tokens remain highly speculative, with no underlying assets to back their value.
Fake tokens bearing public figures’ names are becoming a growing concern. Ivanka Trump’s statement aims to protect investors from scams in an already volatile market. The incident highlights the need for caution when dealing with meme tokens, which often lack transparency or legitimacy.
Also Read: Trump boosts crypto: Bitcoin climbs above $106K
Also Read: Miss Universe Organization Takes Legal Action Against Unauthorized Crypto Coin
Why It’s Important
The rise of fraudulent cryptocurrencies highlights a significant issue in the crypto market. Public figures’ names are increasingly being used without consent to promote tokens, misleading investors. The volatility of meme coins like $TRUMP and $MELANIA further demonstrates the risks associated with speculative trading. Unlike traditional financial assets, meme coins often lack intrinsic value or clear utility, leaving investors vulnerable to rapid price swings and potential fraud.
This incident underscores the importance of regulatory oversight and consumer awareness in the crypto industry. Investors should exercise caution, verify the legitimacy of projects, and avoid tokens linked to public figures without official endorsements. Ivanka Trump’s warning serves as a reminder of the risks in the fast-evolving cryptocurrency landscape.
