TRUMP Cryptocurrency Manipulation: False Utility Announcements Cause Erratic Price Fluctuations

A trader incurred a loss of $21,216.89 USDC within two minutes of buying TRUMP tokens due to misinformation. Following this event, the daily trading volume of the meme coin skyrocketed by 210.5%, exceeding $224 billion, and futures open interest increased by 103% to reach $210 million. The Official Trump (TRUMP) meme coin experienced a significant 270% price fluctuation, going through a major pump and dump after misleading rumors emerged claiming it would offer real-world utility. It appears that the hacked X account of the well-known cryptocurrency news source DB was responsible for the propagation of this rumor. As a result, the price of TRUMP surged from $210 to over $12.4 in a short period. Shortly afterward, it plummeted back to levels of $10.75, following confirmation from the outlet that the account had been compromised. Source: Binance. Multiple users on X have indicated that DB’s account disseminated inaccurate information, suggesting that BlackRock had submitted a filing for a spot HYPE ETF. DB has removed the unauthorized content and released a statement advising users to ignore any messages shared during the security incident. The cryptocurrency news platform reported: Clearly compromised. Refrain from relying on any messages at this time.