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