TRUMP memecoin ‘hasn’t pumped’ after Eric Trump says WLF will buy big stack

Eric Trump, son of the US President, announced that Trump family-backed crypto platform World Liberty Financial (WLF) plans to acquire a significant amount of the Official Trump memecoin following his endorsement of the token.

Some users in the crypto community were surprised that Official Trump (TRUMP) didn’t see a stronger price reaction.

“I am proud to announce the $TRUMP Meme Coin has aligned with @WorldLibertyFi,” Trump said in a June 6 X post.

Eric Trump says WLF to acquire “substantial amount”

“We’re proud to announce that World Liberty Financial plans to acquire a substantial position in $TRUMP for their Long-Term Treasury,” he said. Minutes after Trump published the X post, Official Trump’s price jumped 6.40%, before retracing to $10.10 at the time of publication, according to CoinMarketCap data. It is ranked as the 45th largest cryptocurrency by market capitalization, currently valued at $2.03 billion.

Some crypto commentators were skeptical that the news didn’t drive a stronger price increase. Crypto commentator Pluid said in a June 6 X post, “The coin hasn’t pumped on this news - not a good sign at all.”

It comes just weeks after the top 220 holders of Trump’s memecoin met at the president’s golf course in Virginia on May 23 for an exclusive dinner and purported meet-and-greet.

Eric Trump shuts down Trump memecoin wallet

Trump also dismissed the Official Trump Wallet launch following controversy earlier this month. “Although their meme wallet isn’t moving forward, they remain focused on building the most exciting MEME on earth - $Trump,” he said. 

The controversy began on June 3, when non-fungible token marketplace Magic Eden and the team behind the president’s memecoin, Official Trump, both said that they were linking up to launch “the Official $TRUMP Wallet.” 

Related: Trump Media files for spot Bitcoin ETF approval from SEC

Eric Trump responded at the time, stating that the wallet “is not authorized by Trump” and warned Magic Eden to “be extremely careful using our name in a project that has not been approved and is unknown to anyone in our organization.”

Donald Trump Jr. later clarified that the family’s crypto platform “will be launching our official wallet soon.”

Eric Trump, who is known for his pro-crypto stance, also spoke at the Consensus conference in Toronto on May 15, saying that from families to government funds, “everybody in the world is trying to hoard Bitcoin right now.”

Magazine: Baby boomers worth $79T are finally getting on board with Bitcoin