Trump and Melania Memecoins Spark a Crypto Gold Rush and Security Fears

President Donald Trump launches his own cryptocurrency, TRUMP, on January 18. What began as speculation over a hacked social media account turned into a verified announcement of a memecoin tied to Trump’s name and political brand. To add to the hype, Bitcoin reached an all time high over the weekend too.

Within hours, TRUMP skyrocketed in value, climbing from pennies to over $50, with a market cap over $10 billion. The coin now ranks among the world’s top 20 digital assets, attracting both investors and critics. Trump’s business arm holds 80% of the tokens, set to release gradually during his presidency.

The launch was supported by many of his followers as a free-market celebration but has also ignited concerns about centralization and security.

Adding to the chaos over the weekend, Melania Trump unveiled her own memecoin, MELANIA, briefly causing TRUMP’s value to plummet.

As Trump prepares to take office, his pledge to position the US as a global crypto leader is already creating waves. But with regulators circling and the risk of hacks looming, this crypto gamble could prove risky.

Crypto Industry is Concerned for Future Data Breaches and Rugpulls

With billions at stake, speculators and experts warn the coin could become a prime target for cybercriminals.

For Resonance Security there are already weaknesses to be identified and strengthened in some of our most important infrastructure. It is wrong to assume that these systems are robost without having the mechanisms in place to fully realize the threats. Having the right protections and understanding where those vulnerabities are is crucial for all companies working with cryptocurrencies.

One thing for sure is that leading cybersecurity firms in the Web3 space like Chainalysis, OpenZeppelin, Resonance and Fireblocks need to be firing on all cylinders as they help new companies, brands and individuals to navigate these uncharted waters.