“Official” Memecoins Are the New Rug Pull - And People Keep Falling for It

Crypto is back. The U.S. stopped treating it like a threat, and suddenly, everyone wants in — including governments. First, it was Donald Trump with his official TRUMP token. Then, a wave of world leaders and "official" organizations thought, “Why not we?”

\ Spoiler alert: most of these coins are scams. Some crashed within hours. Others vanished with millions of dollars. But they all had one thing in common — people got wrecked.

Argentina’s libertarian president, Javier Milei, made a name for himself by calling central banks a scam. So, when he promoted a new crypto token called $LIBRA, some people actually believed he was launching an alternative currency for Argentina.

\ The coin pumped fast. Market cap hit $4 billion. And then — liquidity disappeared. Insiders cashed out. The price collapsed by 94% in hours. Milei quickly deleted his post and claimed he was hacked. Investors lost millions. The only people who made money were the ones who knew what was coming.

\ Now, he’s under investigation for fraud.

\ This affected not only $LIBRA but the entire Solana ecosystem. It dropped 8.8% following the LIBRA crush. People lose trust in meme coins.

If the Argentine disaster wasn’t enough, scammers took things even further in Saudi Arabia. A Twitter account pretending to be the Crown Prince launched a so-called “official” Saudi Arabia memecoin, $KSA.

\ No whitepaper. No roadmap. No proof of anything. Just a post on X. And guess what? People still bought it.

\ The real Saudi Law Conference later confirmed their account was hacked. But by then, the damage was done. The fake coin was out, and the scammers were already gone — with the money, of course.

It all started with Trump. His $TRUMP token pumped like crazy in January. Then Melania followed with $MELANIA, because why not? Both have already been dumped.

\ Since then, the floodgates have opened. Leaders, celebrities, and random influencers have been throwing out memecoins like confetti. And the pattern is always the same:

\

1. A big name (real or fake) announces a “historic” new coin.

2. People FOMO in.

3. Insiders dump their bags.

4. Coin crashes.

   \

The funniest thing is that crypto investors will buy the coin even if they know it's a scam. They will think, "I know it's fake, but others will buy it and the token will skyrocket. I'll try to make money on it and sell the memecoins in time."

\ This is definitely not the kind of mass adoption I would like to see. But it is what it is.

Memecoins are fun. But if a government (or someone pretending to be a government) is launching one, just assume it’s a cash grab. Even if it’s advertised by an “official” account, that doesn’t mean anything. Hacks happen. People lie. And politicians — well, let’s just say they aren’t famous for their honesty.

\ So, before you throw money at the next “official” coin, ask yourself: Who’s actually behind this? Where’s the liquidity? And most importantly — who’s getting rich off this? If you, even understanding everything, decide to buy this memecoin, you take all the risks.