🌎 BARRON Meme Coin Insider Makes $1.05 Million

Unofficial Meme Coin BARRON Rewards Insider Wallet with $1.05 Million After Dumping for Solana

A meme coin named BARRON, inspired by Donald Trump’s son, has made headlines after an insider wallet earned a significant profit of $1.05 million. The unofficial coin was launched on January 20 amidst the official presidential meme coins, TRUMP and MELANIA.

Rise and Fall of BARRON

Despite being unofficial, BARRON gained traction among traders and saw its market cap skyrocket to as high as $72 million. However, its value has since plummeted to at least half that amount. According to data, the unofficial BARRON meme coin value has gone down by more than 20% in the past 24 hours, accumulating $432 million in trading volume and holding a market cap of $33 million.

Insider Wallet Profit

An insider wallet purchased 136.35 million BARRON tokens for $1,048 worth of Solana (SOL) tokens. After the token’s value skyrocketed, the insider wallet dumped the tokens in exchange for 4,405 Solana, now equal to $1.05 million. This significant profit raises concerns about the presence of “numerous insider wallets” within the trading pool, leading to losses for major players and whales.

Risk of Rug Pull

The Solana-based token’s liquidity is at $2.9 million, and it has a rug probability rate of more than 53%. A whale suffered a loss of $1 million after buying 4.25 million BARRON tokens, highlighting the risks associated with investing in meme coins.

Performance of Official Meme Coins

The official meme coins, TRUMP and MELANIA, also experienced significant surges in their market cap and trading volume. However, their value has since decreased, with TRUMP falling by nearly 30% and MELANIA plummeting by nearly 60% in the past 24 hours.