New Crypto Scams Pump After Elon Musk Twitter Space Parody

With a low DEXTscore and several smart contract warnings, new crypto coins with a US election theme have topped the daily gainers charts on DEXTools.

Unlike centralized crypto exchanges (such as Binance, Coinbase) anyone can list a new cryptocurrency token on a decentralized exchange (Uniswap, PancakeSwap) and often tokens pumping by tens of thousands of percent on a DEX are crypto scams.

Elon Musk Twitter Space Parody Inspires New Crypto Shitcoins

While some ‘shitcoins’ can be bought and sold for a profit by experienced traders, the $TRUMP token for example has a 98% transaction tax on selling it, which some beginners get trapped by.

The new crypto tokens appear to have been inspired by a viral parody of Elon Musk’s Twitter Space, featuring DeSantis, George Soros, Klaus Schwab, Dick Cheney, Adolf Hitler, the Devil and Trump. 

President Ron DeSantis Token

President Ron DeSantis (RON) has a blacklist function, modifiable tax and other issues in the automatic audit results displayed on its dextools.io page. 

RON token currently only has 69 holders despite pumping over 30,000%, and a 53/99 rating. That could suggest its price explosion is not real organic demand from buyers.

Another new coin on Uniswap Trust The Ponzi (TRUST) is also trending, a reference to ‘trust the plan’. 

Donald Trump Token

Donald (TRUMP) has a 98% sell tax, meaning any buyers will lose all but 2% of their tokens when closing a position, and a very low project reliability score.

$TRUMP token has 77 holders and a 19/99 rating. With its low liquidity, very little real buying volume is required to pump it by a large percentage in the five figures.

While buyers may be drawn in by seeing the Trump price up over 10,000%, they will not be able to take profit and realize any gains.

Safe New Cryptocurrency Projects

We’ve reviewed many new cryptocurrency coins here at CryptoNews, some at the presale stage and others recently listed on Uniswap or centralized exchange (CEX) platforms.

In total we’ve picked out 19 new crypto coins with high growth potential for 2023 and heading into 2024, including a mix of meme coins and utility tokens.