Anonymous hackers took over the X account of the former Malaysian Prime Minister Mahathir Mohamad to promote a fake meme coin. Hackers are leveraging the hype around US President Donald Trump’s meme coin for wider rug pulls.

This incident is one of several meme coin scams using a political veneer. The former President of Brazil was targeted in a similar attack last month, but these hackers are probably affiliated with the infamous Russian Evil Corp.

MALAYSIA: The Latest Fake Meme Coin

Social media scams are growing in the crypto space, and it’s hard to tell how to prevent them. In a particularly egregious example, hackers used a former Malaysian prime Minister to shill a meme coin.

Mahathir Mohamad was the country’s longest-serving Prime Minister, and his social media accounts began endorsing MALAYSIA:

“Malaysia’s Official Cryptocurrency MALAYSIA is Now Live on Solana! This marks a significant milestone in showcasing the strength of our people and out nation’s presence in the digital economy. It is an honor for us to demonstrate Malaysia’s power on the global crypto network,” the fraudulent social media post claimed.

The post was removed within an hour, but the damage was done. Analysis shows that these hackers were probably related to the infamous Evil Corp, and that they managed to steal $1.7 million in this rug pull.

According to data from GeckoTreminal, the token’s market cap jumped to $1.7 million in just 15 minutes after the fake tweet and quickly collapsed. The hackers were able to liquidate this amount in less than an hour.

This MALAYSIA scam is just one component of a rising trend of fake political meme coins. Since scammers used the TRUMP token to steal $857 million, it’s been open season.

A former Brazilian President was hacked to shill one fake token, and another claimed to represent the US Treasury. Ethereum founder Vitalik Buterin officially raised the alarm about this trend.

However, these scams aren’t just limited to political topics. Crypto sleuth ZachXBT claimed that Coinbase users lost at least $150 million to scammers, and Scam Sniffer reported a 2000% increase in Telegram-based phishing attacks since November.

Ultimately, it doesn’t look like these scams are going anywhere anytime soon. Analysts have speculated that the rise of meme coins has destroyed altcoin season by redirecting capital investment and community interest to this sector.

If meme coins have this much power, fake tokens will continue receiving speculative investments.

Michael Saylor just announced that MicroStrategy has rebranded to Strategy. As part of the rebrand, it incorporated the Bitcoin symbol into its official logo.

The firm also released its Q4 2024 Financial Results, claiming that it spent over $20 billion on BTC acquisitions during this period. This rebrand clearly defines Strategy’s overwhelming focus on Bitcoin into the future.

Michael Saylor Reveals His Strategy

Michael Saylor first teased this rebrand on social media before announcing that the company will be known as “Strategy.” The company’s leadership is expected to discuss this rebrand at an Earnings Call on Wednesday afternoon.

“Strategy is one of the most powerful and positive words in the human language. It also represents a simplification of our company name to its most important, strategic core. After 35 years, our new brand perfectly represents our pursuit of perfection,” Saylor claimed.

Earlier this week, the firm stopped its 12-week streak of Bitcoin purchases. These BTC acquisitions had been continuing since October and were regaining momentum in January.

However, the firm was also involved in a billion-dollar tax dilemma, and Bitcoin’s price has been fluctuating. Nonetheless, Strategy’s new logo makes its Bitcoin commitment extremely clear.

According to the firm’s latest financial results, Q4 2024 was its largest-ever Bitcoin acquisition quarter, with over $20 billion worth of BTC purchased. Under the new brand ‘Strategy’, the company aims to achieve an annual BTC gain of $10 billion in 2025.

Despite a $74.3% BTC yield in 2024, MicroStrategy’s total revenue declined 3% year-over-year. This was due to a massive 693.2% increase in business expenses.

Still, the firm will maintain its focus on Bitcoin. Saylor personally bet on Bitcoin to an immense degree and has advocated for pro-crypto political reforms like a US Bitcoin Reserve.

However, the asset has seen some corrections in the past week, which had a disproportionate impact on his company’s stock price. The rebrand could help its image.

Overall, MSTR stock price has declined 11% in the past month, but it remains up by 580% in a year.

XRP price remains under pressure, trading within a key range as technical indicators signal potential downside risks. The recent 64-minute outage, which briefly halted transactions, has now been resolved, but it did little to boost investor confidence.

Meanwhile, XRP’s CMF remains positive but has weakened. Also, the network’s active addresses have dropped nearly 50% from its December peak. With a possible death cross forming on its EMA lines, XRP could test lower support levels unless renewed hype and buying pressure push it back above key resistance zones.

XRP CMF Is Still Very Positive, But Consolidating

XRP Chaikin Money Flow (CMF) is currently at 0.19, down from 0.26 two days ago, after briefly dipping to -0.22 three days ago. This decline suggests that buying pressure has weakened, but the indicator has now stabilized around 0.19 and 0.20.

The previous drop into negative territory signaled strong selling, but the quick recovery above zero shows that buyers have stepped in to support the price. However, with CMF lower than its recent high, XRP’s bullish momentum has softened.

The CMF is a volume-weighted indicator that tracks the flow of money into or out of an asset. A positive CMF indicates buying dominance, while a negative reading suggests selling pressure. With XRP’s CMF stabilizing around 0.19 after dropping from 0.26, capital inflows remain positive but have slowed.

If it stays in this range, XRP price could consolidate, but a move below 0.15 may indicate increasing weakness, while a recovery above 0.25 could signal renewed buying strength.

XRP Active Addresses Are Still High, But Down 50% From Its Peak In December

The number of 7-day XRP active addresses is currently around 256,000, down from 407,000 nearly two weeks ago, marking a 37% decline. While this remains a relatively high value compared to most of 2024, it is still nearly 50% lower than the peak reached in early December.

This drop suggests a slowdown in network activity, which could indicate reduced demand or lower transaction volumes. If active addresses continue to decline, it may reflect waning interest or participation in XRP transactions.

Tracking active addresses is important because it measures real user engagement and transaction activity on the network. A higher number of active addresses often signals strong adoption and demand, while a decline may indicate reduced network usage.

Although XRP current count remains elevated compared to most of last year, the sharp decrease from December and January suggests fading momentum.

If this trend persists, it could signal weaker market participation, but a rebound in active addresses might indicate renewed investor and user interest.

XRP Price Prediction: Can XRP Drop Below $2 Soon?

XRP’s EMA lines indicate that a new death cross could form soon, with a short-term line crossing below its longest-term line. If this bearish signal plays out, XRP price may test the support at $2.32, and if that level is lost, it could drop further to $2.20.

A continued decline in active addresses and a weakening CMF could push XRP below $2, with the next key support at $1.99. This would confirm a deeper bearish trend, making recovery more difficult, especially if new outages occur.

On the other hand, if the hype around XRP returns to levels seen in recent months, it could break the $2.60 resistance. A strong breakout above this level could lead to a test of $2.82, and if momentum builds, XRP could push above $3.

A further rally could see it test $3.15 and even $3.40, reinforcing a bullish breakout and increasing the chances of the XRP price reaching $4 in February. For this scenario to play out, buying pressure and network activity would need to improve significantly.