While crypto investors were busy checking their portfolios Tuesday, the TRUMP meme coin went on a wild rollercoaster ride that left many hodlers with financial whiplash. The token surged a whopping 19% in a matter of hours, hitting $10.88 and sending trading volumes through the roof. Social media couldn’t stop buzzing about it. Another day, another pump in meme coin land.
But there was a problem. The entire rally was built on lies. The popular crypto X account DB (@tier10k) had been hacked, with the compromiser posting fake claims about TRUMP’s utility. Real-world use cases for a meme coin? Should’ve been the first red flag. Investors rushed in anyway, wallets open.
Fake news, real losses. Hacked crypto accounts spread utility lies while FOMO-driven investors ignored the obvious warning signs.
The bubble popped fast. Once word spread that the utility news was complete garbage, TRUMP’s price nosedived below pre-pump levels. The 24-hour chart looked like a mountain with a cliff on the other side. Volume stayed high—just in the opposite direction. Sell, sell, sell.
DB quickly confirmed their account breach, retracting all claims and deleting the misleading post. They warned followers about the misinformation, but for many, the damage was done. This incident clearly demonstrates how fake news spreads and causes significant market manipulation in cryptocurrency. Money lost, lessons learned. Maybe.
This wasn’t an isolated incident. Similar social media hacks recently hit other crypto projects like Dogwifhat, Jupiter DEX, and Pump.fun. It’s becoming a pattern. Hack account, pump coin, dump on excited buyers. Rinse and repeat.
After the chaos settled, TRUMP stabilized around $10.43 with $1.14 billion in daily volume. Still a far cry from its glory days at $74.27. That’s an 83% drop from all-time highs, if you’re keeping score.
The episode highlighted just how vulnerable crypto news sources are and how easily meme coin prices can be manipulated. Five minutes of research could’ve saved portfolios. But FOMO is one hell of a drug. The crypto space remains the Wild West of finance. Unlike more established cryptocurrencies like Bitcoin and Ethereum which have stronger protective measures, meme coins consistently present higher security risks to investors. Verify, then trust—or don’t. Up to you.
