The digital currency “BARRON” received great attention among traders after one of its wallets earned more than a million dollars in a short period. It is a new, unofficial meme currency inspired by the character of Barron, the son of US President Donald Trump, according to the “Tribune” website.
This currency was launched on January 20 of this year and is based on “Solana”, which was issued with other meme currencies bearing the names of Trump and his wife, such as the “REALTRUMP” and “MELANIA” coins. It witnessed a rapid rise, but It also collapsed quickly, leaving many traders facing huge losses.
Although the “Barron” coin is unofficial and not linked to Trump’s son in any way, it benefited from the Trump family name in the meme currency market, where its market value rose to $72 million, but it quickly fell to half the value.
It appears that an internal wallet benefited greatly from the uproar, as it bought 136.35 million of the “Barron” coin, worth $1,048 of the “Solana” coin, but after the price of the currency rose significantly, the wallet withdrew its funds and exchanged its share of the “Baron” coin for 4,405 of the “Solana” coin. “Equivalent to $1.05 million.
Despite the initial success, the value of the currency declined very quickly, causing huge losses for traders, as “Barron” witnessed a sharp decline of 20% within 24 hours, according to the “GMGN.AI” website.
There was a particularly notable case involving a crypto whale that incurred a loss of about $1 million after purchasing $4.25 million from Baron for Fartcoin, a cryptocurrency worth $1.17 million at the time, but with the currency declining significantly. It is now worth only $160,000.
Meme currencies are known as currencies associated with trends, and the interaction of the public around them on the Internet and linking them to political figures with their extreme fluctuations, and “Barron” is no exception, as the rapid recovery of the currency reflects the speculative nature of such currencies, as the enthusiasm and initial hype can quickly fade, leaving investors vulnerable to losses. Great.
On the other hand, official meme currencies such as “Real Trump” and “Melania” achieved great success, as their market value reached billions of dollars and achieved billions in trading volume. However, these currencies have since witnessed significant declines in value in the past 24 hours, as they decreased “Trump Real” decreased by about 30% from 74 to 38 dollars, and “Melania” decreased by 60% from 13 to only 4.4 dollars, and despite the temporary losses, these currencies continued to decline. Attracting the interest of traders hoping to profit from its volatility.
While Barron Trump has yet to launch an official cryptocurrency or publicly support one, his name and image have become part of the widespread meme craze.
