The market capitalization of the Solana token carrying DeepSeek, the Chinese star of the artificial intelligence industry, which is currently being actively discussed in the global information space as a groundbreaking product in the AI area, briefly rose to $48 million.
In this case, a notable circumstance is that the mentioned machine intelligence developer from an Asian country denies that it launched its own cryptocurrency. The corresponding statement indicates that the market has paid excessively close attention to the fake token. Also, in this case, there is an example of how the intensive dissemination of certain information can generate significant consequences, which can be positive and negative under different circumstances. Moreover, the mentioned example demonstrates the current strength and importance of the artificial intelligence industry, the events within which are the object of what can be called global attention.
The Solana-based token, named after the Chinese DeepSeek machine intelligence app, briefly reached a market capitalization of $48 million on Monday, January 27. This result was fueled by a trading volume of $150 million. The relevant information was provided by Solana token data aggregator Birdeye.
Blockchain records indicate that the mentioned token was created on January 4, a few weeks before DeepSeek became an active topic in the media on a global level and became the leader of the Apple App Store rating in the United States.
In the shortest possible time, the token’s, which turned out to be fake, market capitalization indicator decreased to $30 million. The efforts of the creators of the mentioned digital asset to link it to DeepSeek’s official account on the social media platform X and the website of the Chinese artificial intelligence developer did not become an obstacle to the specified downward dynamic.
Currently, the fake token continues to be held in more than 20,000 virtual wallets.
It is worth noting that another fake token was recorded, which was positioned as a cryptocurrency from DeepSeek. For a short time, the market capitalization of the specified digital asset reached $13 million. In this case, the trading volume was $28.5 million. Then, the market capitalization of the second fake token was on a downward trajectory, falling to $8.6 million.
DeepSeek focuses on the fact that it does not have its own cryptocurrency. The company warns users about the risk of fraud, the potential source of which may be fake tokens.
The Chinese artificial intelligence app’s rise has dominated crypto chatter. The popularity of this virtual product has been characterized by many experts as a challenge to the leading role of the United States in the machine intelligence industry. Financial markets reacted to this news from the technology sector with concern, which was reflected in the dynamic of the shares of such large companies as, for example, Microsoft, Nvidia, and Meta. It is worth noting that a significant decrease in the indicator is implied.
For the United States, leadership in the global artificial intelligence industry is a matter of principle. Last week, US President Donald Trump signed an executive order aimed at preserving the country’s leading positions in the mentioned industry. In this case, there was a call for the development of artificial intelligence systems free from ideological bias and social agendas.
It is worth noting that the launch by the President of the United States of his Official Trump memecoin last week and the subsequent debut of the token, named after First Lady, Melania Trump, also provoked a surge in fraudulent copycats.
Security company Blockaid has reported a sharp increase in the number of malicious tokens under the Trump brand. The corresponding figure ranged from an average of 3,300 daily to 6,800 on the memecoin’s launch day.
The media found 61 tokens with tradeable liquidity that claimed to be the official digital assets of the President of the United States or the First Lady. The corresponding tokens raked in $4.8 in purchase transactions from 12,641 virtual wallets.
Recently, there has been a tendency in the framework of which hackers target accounts registered on X to promote fraudulent tokens. Crypto detective ZachXBT talked about a shift in the focus of scammers from government and political accounts to celebrity profiles.
