Key takeout
- The Trump Meme coin price surged 19% before falling due to fake utility news spreading to X.
- DB's compromised accounts spread false reports, leading to confusion and price volatility.
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Trump's memecoin suddenly saw a 19% surge before it surged after false reports circulated that false reports had actual utilities.
The digital assets jumped from $10.4 to $12.4 after DB, a DB Trump Token posted on X on Thursday that he “has real utility.”
Surge was short-lived as a follow-up post appeared about seven minutes later, claiming that his account had been breached. The price of the Trump token fell to $10.8, following the statement.
Initially it was unclear whether the hackers and DB posted a second tweet. Ansem and others in the Crypto community have observed grammatical errors in tweets, suggesting that security breaches have not yet been resolved.
Some X users reported that DB's accounts also share fake news that BlackRock has applied for a Spot Hype ETF.
The DB then issued a statement asking users to delete unauthorized posts and ignore messages posted during the security breach.
The news outlet will confirm that an investigation is ongoing and will provide updates if available.
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