Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

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.

From Zero to Web3 Pro: Your 90-Day Career Launch Plan

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Bitcoin squeezes back above $80,000 — 110,000 traders liquidated as the hawkish Fed and CLARITY setback fail to hold it down; is $83,000 next?Bitcoin closed above $80,000 on Friday for the first time since September 7, and pushed to $81,299 over the weekend, triggering about $603 million of liquidations — $523 million of them shorts — across more than 110,000 traders. With the Fed's hike already priced and the SEC and CFTC advancing crypto rules after the CLARITY Act failed, here is what stands between BTC and the $83,000 gate.

Author Suzie

15 hours ago

Bitcoin closed above $80,000 on Friday for the first time since September 7, and pushed to $81,299 over the weekend, triggering about $603 million of liquidations — $523 million of them shorts — across more than 110,000 traders. With the Fed's hike already priced and the SEC and CFTC advancing crypto rules after the CLARITY Act failed, here is what stands between BTC and the $83,000 gate.

Gold ends three-week slide at the $4,400 line — eight straight days of ETF inflows vs a 5% 10-year and a 100 dollar Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Author Suzie

15 hours ago

Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Have Fed Rate Hike Headwinds Been Priced In? Gold Rebounds Strongly Toward $4,400, Poised for a New Rally As of the European session on September 18, gold prices (XAUUSD) extended Thursday's rebound, rising strongly in intraday trading to $4,399.75 today, just shy of the $4,400 psychological

Author TradingKey

Sep 18, Fri

As of the European session on September 18, gold prices (XAUUSD) extended Thursday's rebound, rising strongly in intraday trading to $4,399.75 today, just shy of the $4,400 psychological

US to delay new "overcapacity" tariffs on China — what the pause means for trade, inflation and the dollar Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Author Mitrade

Sep 18, Fri

Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Gold rebounds to near $4,350 on weaker US Dollar, falling oil prices Gold price (XAU/USD) rises to near $4,345 during the early Asian session on Friday. The precious metal rebounds from a six-week low amid falling oil prices and a weaker US Dollar (USD). Traders continue to assess the latest Federal Reserve (Fed) rate hike and policy cues.

Author FXStreet

Sep 18, Fri

Gold price (XAU/USD) rises to near $4,345 during the early Asian session on Friday. The precious metal rebounds from a six-week low amid falling oil prices and a weaker US Dollar (USD). Traders continue to assess the latest Federal Reserve (Fed) rate hike and policy cues.

Popular Symbols