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Trader loses nearly $1M on BARRON in just 2 hours of FOMO trading

Source Cryptopolitan

On-chain data shows that a crypto trader has lost nearly $1 million in less than 2 hours. The trader lost the funds by speculating on BARRON’s potential upsurge shortly after the memecoin launched.

Lookonchain first reported the crypto trader’s loss of nearly $1 million on BARRON, a memecoin on the Solana blockchain named after Barron Trump.

According to a chart shared by the blockchain explorer, the trader bought the token at its peak value for a retail price of about $0.45. Since then, the token has dipped below $0.1. Lookonchain speculated that the trader lost the funds due to FOMO (Fear of Missing Out).

BARRON is not affiliated with the Trump family

Someone lost nearly $1M on $BARRON in just 2 hours due to #FOMO!

Note that $BARRON was not launched by the #Trump family.

Currently, the only tokens officially issued by the #Trump family are $TRUMP and $MELANIA.

Avoid #FOMO and trade carefully! pic.twitter.com/bvCTQ2MXsq

— Lookonchain (@lookonchain) January 20, 2025

Lookonchain specified that the memecoin was in no way associated with Trump and his family despite its creators using Barron Trump as the memecoin’s mascot. The blockchain explorer also emphasized that the only two tokens officially launched by the Trump family are TRUMP and MELANIA.

Lookonchain also advised traders to avoid FOMO trading and be vigilant when navigating the complex crypto ecosystem.

The BARRON memecoin has initiated a wide range of discussions. Although Lookonchain claims the memecoin is not affiliated with the Trump family, Nick Ford, a popular X DeFi Farmer, disagreed.

Ford believes that the official Trump deployer was buying BARRON. Ford provided on-chain data supporting his argument that TRUMP’s deployer wallet “5e2qRc” may have spoofed the BARRON coin with each transaction being $2.

Ford highlighted that BARRON surged to $400 million before crashing to $84 million. Martin Shkreli alluded to the wallet being familiar with Barron Trump’s previous behavior, fueling the excitement according to Ford’s posts.

Nick Ford added that it’s not about whether the coin is real or not. Rather, he believes it is about the optics. The market believed it was real enough. One user commented on the breakdown urging Nick Ford that any big bag holder could spoof similar transactions and it doesn’t mean Barron is involved in the project at all. The user proceeded to label the allegations as FUD.

Another X account supported the notion that Barron Trump did not launch the BARRON meme token. The user identified that the wallet belonged to a “rogue” crypto trader named Waddles. According to the user, BARRON’s creator address has been involved in other rogue projects such as $LOP, OFFLINE, MIRA, and HTSP.

TRUMP memecoin could set off the altcoin season, QCP speculates

TRUMP memecoin has taken the crypto industry by storm. According to QCP, the memecoin may initiate the long-awaited altcoin season. Trump launching the memecoin on Solana could pave the way for a Solana ETF much earlier than anticipated, as per QCP.

TRUMP has been down 12.43% in the last 24 hours, reducing its seven-day gain to 730.88%. The memecoin ranks 18th among the top largest cryptocurrencies by market capitalization and ranks third among the largest memecoins, behind Shiba Inu and Dogecoin.

As Donald Trump endorsed the TRUMP memecoin, the incoming First Lady Melania Trump also launched her cryptocurrency on the eve of Trump’s inauguration. Melania announced her crypto project to her 3.5 million X followers, a post that has since received 26 million impressions.

While most crypto followers embraced the two launches, seeing them as opportunities to make a quick buck, others criticized them and voiced their disapproval. One particular user said that it was “depressing to see mainstream CT influencers normalizing 90% insider control on memecoins.”

The user also said the launch was not okay and that projects like this usually end badly despite who the token’s creator is. In the meantime, data from CoinMarketCap shows that Bitcoin has surged by 14% in the last seven days after a 2% 24-hour gain.

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