Traders have lost millions of dollars on a 'fake' Barron Trump meme coin.
Before Monday's inauguration, Donald and Melania Trump launched a pair of meme coins that at one stage were worth billions.
Trump's cryptocurrency token skyrocketed in value but came crashing down in spectacular fashion, leading copycats to create an unofficial coin for Barron, 18.
Meme coins are cryptocurrencies often built around popular internet trends and lack substantial utility, making them prone to volatile price swings
The fake $BARRON meme coin, inspired by Trump's youngest son but with no official link, surged by 90% in a minute before completely losing its value.
One trader claimed they lsot a staggering $1 million in just two hours, with many mistakenly thinking it was connected to Barron.
This came after Trump's coin went on sale on Friday, with the President writing on X: "My NEW Official Trump Meme is HERE!"
Melania Trump launched her cryptocurrency $MELANIA on Sunday, sending Trump's cryptocurrency plummeting.
While Barron might not have a meme coin just yet, he is following in his father's footsteps in the business world.
He is reportedly getting read to launch a luxury real estate venture with two young business partners, according to Newsweek.
The venture, based at Trump's home at Mar-a-Lago in Palm Beach, will launch in spring this year.