Donald Trump’s new cryptocurrency has sparked a flood of imitators, with more than 700 copycat and spam coins sent to his digital wallet by people apparently seeking to suggest their creations have his endorsement, leading to warnings that investors risk being duped.
The findings are the result of a Financial Times analysis after the president and his wife Melania launched memecoins, which lack practical use and whose value is entirely underpinned by speculation, days ahead of his return to the White House last month.
The FT found 736 different memecoins that have been deposited in the official Trump coin wallet over the past three weeks. Among them, nearly 200 — including “OFFICIAL TRUMP” and “OFFICIAL MELANIA” — are named after Trump or members of his family but have no connection to the president.