“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: Milei’s $LIBRA Disaster

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.

Saudi Arabia: A Fake Prince and a Fake Coin

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.

Trump, Melania, and the Celebrity Crypto Epidemic

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.

Final Thoughts: Don’t Get Scammed

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.