Sam Bankman-Fried X appearance inspired the attempt to launch a fake memecoin. The past month saw a surge in memecoin rug pulls within the sector. The crypto market has decided to slump further down as the week progresses. This is combined with the news of South Dakota’s Bitcoin Reserve bill making it a bearish day for the sector. Meanwhile, the memecoin industry has also joined in to show its own activity, coinciding with Sam Bankman-Fried’s social reappearance. In the Asian morning hours of February 25, the FTX founder posted on his X account after two years of dormancy. He posted a thread sympathizing with government employees and the process of layoffs. This caught much market attention and one particular member decided to use the opportunity. (Source: Twitter) Within two hours of Sam Bankman-Fried posted, an account called “@SBF_DOGE” cropped with a grey verified tick. The account announced the launch of a memecoin similar to Donald Trump and other leading celebrities. However, within the next half hour, the post regarding the fake memecoin was deleted, before which certain leading community members reacted to it. Who could have seen this coming… https://t.co/dhY8DLB2Tq — Nate Geraci (@NateGeraci) February 25, 2025 Notably, ETF Store President Nate Garcia reacted to both posts. He posted a thread replying to Sam Bankman-Fried’s official thread on unemployment and the memecoin launch by the scammer. Is Sam Bankman-Fried a Solitary Victim in Fake Memecoin Mania? The past month has seen several fake memecoin launches and their following rug pulls. One infamous project was the Libra token promoted by Argentine president, Javier Milei. Investors lost huge amounts of funds through insider trading leading to an uproar in the industry. Meanwhile, other tokens including Trump and First Lady Melania’s tokens also saw significant surges after which price drops followed. These coins were legitimate, however, they did result in a loss of funds for investors. Moreover, Sam Bankman-Fried memecoin scammer announced donating the SBF memecoin’s revenue proceedings similar to Trump. Recently, in the past day, speculations arose that Kanye West sold out his X account to Barkmeta. While West denied claims it led to the rise in existing memecoin rug pull fears.