KEY POINTS
- $TRUMP is based on Donald Trump and Pepe, the popular frog from Matt Furie's 'Boy's Club' series
- Many Trump-themed coins have been soaring since Saturday, but the Pepe $TRUMP's surge is on a different level
- GoPlus data shows that there is a 'honeypot' risk on the token's smart contract
- CoinGecko and GoPlus have warned users to exercise caution due to the said risk
Pepe (TRUMP), a political memecoin that has seen nothing but glory in the past month, has been pumping in the last 24 hours and appears to be on the bullish end of the altcoin spectrum.
The token, which is a mashup of Republican presidential candidate Donald Trump and Pepe, a frog character from cartoonist Matt Furie's popular "Boy's Club" comic series, has been on a roll in recent weeks, pumping by nearly 11,000% in the last 30 days.
Pepe Token Pumps Hard
Data from CoinGecko shows that the PolitiFi (political finance) memecoin has climbed by a staggering 149.6% in the past day, and has been on a week-long rally that saw prices pump by more than 54,400%.
Many Trump-themed memecoins have been soaring after Saturday's rally in Butler, Pennsylvania, where tech titan Elon Musk took the stage behind the GOP frontrunner and urged people to vote for the former president.
However, the $TRUMP token's surge is apparently on a different level compared to other Trump-based coins. For instance, MAGA ($TRUMP), the largest Trump-themed digital coin by market value, was only up by over 24% in the last 24 hours.
MAGA Hat ($MAGA), another popular Trump memecoin, was up by more than 32% in the past day, and Dark MAGA ($DMAGA), a rising dark horse that Musk seemed to promote during the Butler rally, climbed by 35% overnight.
$TRUMP Coin's Ascent
The Pepe TRUMP coin is only a few months old, unlike some other PolitiFi tokens that have already established their presence in the memecoin space. On the other hand, it has already amassed a solid following on social media.
CEO of Memes🏢$TRUMP pic.twitter.com/33MwJnHQ34
— Pepe Trump | $TRUMP (@xpepetrump) October 7, 2024
On Musk's social media platform X, the coin has some 36,000 followers, and on the team's Telegram channel, there are over 25,800 members. The coin has various other social media groups, with a few thousand followers, including on Facebook and Instagram.
The digital coin has yet to reach the same levels of popularity as the original MAGA TRUMP token, but based on its growth and performance in the recent weeks, and if it can maintain the momentum, it can be safe to conclude that it is in the right direction.
However, the coin's record on Web3 security platform GoPlus raises a question on whether the token can be completely trusted.
Is $TRUMP a Honeypot?
According to data from GoPlus, TRUMP ticks the majority of the boxes in terms of contract security. There is one issue, though: the security firm raises attention on the contract potentially having a risk issue.
"The contract would call functions of other contracts when primary methods are executed. It would cause this contract to be highly dependent on other contracts, which may be a potential risk," the data states.
The bigger issue is the token contract's "honeypot risk." According to GoPlus, Pepe TRUMP "has malicious code that states that it cannot be sold, or cause heavy loss." In other words, the contract creator can implement changes to the token contract, including but not limited to minting, transferring tokens, disabling sells and changing fees. "Maybe this is a honeypot," the data revealed.
What is a Honeypot Token?
Rug pulls—where developers promote a token and vanish in thin air after taking investors' money—are quite common in the memecoin segment. Similarly, a honeypot token is regarded in the cryptocurrency space as a type of rug pull.
Basically, a honeypot token is one that "traps" a user or investor's funds, making the token's creator the only one that can "free" or recover the funds.
So far, there have been no issues with the Pepe TRUMP token, but CoinGecko and GoPlus have still urged users to invest in the coin with caution. As the crypto community puts it, it pays to DYOR (do your own research) on emerging coins that may be very appealing at first glance.
