$IVANKA token, launched after the success of $TRUMP and $MELANIA tokens, is fraudulent and fake, warns Ivanka Trump, daughter of President Donald Trump. She had posted on her X handle that she was unrelated to this token and that investors should not fall prey to the unnecessary hype created in her name. She added that this fake coin will defraud consumers off their hard-earned money. This is yet another incident of fraud in the crypto space where a fake meme coin gains traction and attracts many investors.
The sudden hype for meme tokens named after members of the Trump family was fueled by the changing market trends after Donald Trump was elected president of the United States. Even though the $TRUMP and $MELANIA tokens were hugely hyped initially, they have also lost value after the initial sheen. Meme coins are inherently volatile and short-lived, according to existing trends, and fake meme coins will add to the losses suffered by investors.
On X, Ivanka continued that the fake cryptocurrency $IVANKA was being promoted in her name without her consent or approval and that a team was investigating the misuse of her name. This is not the first time that fake tokens have been circulated in the name of Trump family members. A meme coin featuring Barron Trump was launched and circulated in July 2024, which was later disowned by the Trump family.
The Current Status Of $IVANKA Tokens
The $IVANKA tokens immediately plunged in price after Ivanka Trump disowned the token publicly and announced that the tokens were unrelated to her. The current price of $IVANKA tokens is $0.06502, which is 33.84% lower than the previous day’s price. The 24-hour trading volume has also nosedived by 70.16% to reach $21.66K.
Even though launched in May 2024, the Ivanka tokens had not yet crossed the $0.01 mark despite its high market capitalization of $211.19K and a circulating supply of more than 420.6 billion coins. The token had gone viral in the footsteps of $TRUMP and $MELANIA tokens. However, the $IVANKA tokens have fallen in stature after Ivanka Trump disowned them and will lose the remaining demand soon.
Price Drop for $TRUMP and $MELANIA Tokens
After the initial hype, $TRUMP and $MELANIA tokens have also faced significant losses in the market. After the initial hype for two days post its launch where it quickly rose to a $15 billion market capitalization, the $TRUMP tokens have fallen in value. The meme coin dropped by more than 9% over the last 24 hours of trading to $33.59 today with a market capitalization of $6,801,269,635.
The price of Melania Trump’s official meme token $MELANIA fell by 17.2% today to $2.73, with a market capitalization of $474.4 million. The token was launched on Sunday, 19th January, and has fallen about 47% from an all-time high rate of $5.09 on Monday 20th January, when Donald Trump took over as the President of the United States.
Why are Meme Coins Launched after the Trump Family?
Donald Trump has always been vocal about his liking for cryptocurrencies. The promotion of cryptocurrencies was one of the strong points of his 2024 election campaign. After his induction as the president of the United States, Trump will bring in many policy changes to make decentralized finance the mainstream. His proposal to create the Strategic Bitcoin Reserve and to revamp the US Securities and Exchange Commission (SEC) to loosen crypto regulations are seen as major steps towards welcoming a financial revolution.
This strategic importance of Trump in the crypto landscape of America is the reason behind the launch of meme coins based on trump family members. The name Trump resonates huge hype in the market and Trump family-based meme coins can attract many investors to it.
The creation and launch of fake meme coins unrelated to the trump family members aim to leverage the market demand and earn as much as possible during the hype season. All investors must do a thorough research of the market and verify the authenticity of such meme coins before investing their hard-earned money.
The Bottom Line
The controversy behind the $IVANKA token is a fresh reminder of the need for caution in the field of cryptocurrencies. All cryptocurrencies, especially meme coins are subject to fraud and investors must conduct thorough research before finalizing their investments. Investors should not invest in a meme coin merely due to the hype behind it or by believing in the glory of the person after which it is named. This case of fraud also stresses the importance of checking the veracity of a cryptocurrency before investing in it.
