Eric Trump Announces World Liberty Financial’s Strategic Acquisition of $TRUMP Memecoin Amid Wallet Controversy
Eric Trump announced that World Liberty Financial (WLF), a cryptocurrency platform co-founded by the Trump family, plans to acquire a significant stake in the Official Trump memecoin ($TRUMP) for its Long-Term Treasury. This move follows Eric Trump’s endorsement of the token on June 6 via X (formerly Twitter). Minutes after the announcement, $TRUMP’s price briefly surged by 6.4% to $10.78 before retracing to $10.10 at the time of publication, with a market capitalization of $2.03 billion
Despite the endorsement, some crypto commentators expressed skepticism about the muted price reaction. One commentator remarked that the coin’s lack of significant price movement following the news was “not a good sign at all” .
In related developments, Eric Trump also addressed the controversy surrounding the “Official $TRUMP Wallet” launched by NFT marketplace Magic Eden. He stated that the wallet was “not authorized by Trump” and warned Magic Eden to be “extremely careful” using the Trump name in an unapproved project. Subsequently, the Trump family issued cease-and-desist letters to Magic Eden and GetTrumpMemes.com, the entities behind the wallet, asserting no involvement in the project. Eric Trump clarified that WLF is developing its official wallet, which will be launched soon.
These developments highlight the Trump family’s increasing involvement in the cryptocurrency space, including ventures like the $TRUMP memecoin and World Liberty Financial. However, they have also attracted scrutiny and criticism regarding potential conflicts of interest and the commercialization of presidential influence
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