Eric Trump announces the massive purchase of TRUMP tokens by WLF, but the price remains surprisingly stable.
Eric Trump, son of the current President of the United States, announced that World Liberty Financial (WLF), a company affiliated with the Trump family, plans to purchase a large amount of the Official Trump memecoin, after publicly endorsing the token.
However, many members of the crypto community were surprised that the price of $TRUMP barely reacted to this news.
"Proud to announce that the $TRUMP memecoin is now in partnership with @WorldLibertyFi," Eric wrote on X on 6 June.
Breaking News: I am proud to announce the $TRUMP Meme Coin has aligned with @WorldLibertyFi. Although their meme wallet isn't moving forward, they remain focused on building the most exciting MEME on earth - $Trump. Moreover, we're proud to announce that World Liberty Financial...
"Proud to announce that World Liberty Financial intends to build a significant position in $TRUMP as a long-term reserve," he added Eric Trump on X.
Simmediately after publication, the price of the token rose 6.4%, but then quickly returned to $10.10, according to CoinMarketCap. Currently, Official Trump is ranked 45th by market capitalisation, with about $2 billion.
In the past 30 days, Official Trump has lost 8.65%. Source: CoinMarketCap
In the past 30 days, Official Trump has lost 8.65%. Source: CoinMarketCap
Many analysts said they were surprised by such modest growth in the face of the news.
"The coin hasn't grown at all. It's a very negative sign," wrote user Pluid on X on 6 June.
Eric Trump closes the Official Trump Wallet project
Eric Trump's announcement comes just weeks after a dinner at Trump's golf club in Virginia, held on 23 May, where 220 of the biggest $TRUMP holders were invited. The event was billed as a private meeting with the president.
Eric also confirmed the cancellation of the launch of Trump's official wallet, following the scandal that erupted earlier.
"Even though their meme wallet will no longer be promoted, they remain focused on creating the world's most iconic meme: $TRUMP," he said.
The controversy erupted on 3 June, when NFT marketplace Magic Eden and the Official Trump token team announced the launch of an "official $TRUMP wallet".
Eric Trump then responded harshly, stating that the wallet was not affiliated with the Trump family:
"Be very careful about using our name in a project that no one on our team has approved and about which we know nothing."
Subsequently, Donald Trump Jr.explained that the family's crypto platform will soon launch its own official wallet.
Eric Trump is known for his support of cryptocurrencies. On 15 May, he attended the Consensus conference in Toronto, where he stated:
"Right now, virtually everyone - from ordinary families to government funds - is looking to buy bitcoin."
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Eric Trump, son of the current President of the United States, announced that World Liberty Financial (WLF), a company affiliated with the Trump family, plans to purchase a large amount of the Official Trump memecoin, after publicly endorsing the token.
However, many members of the crypto community were surprised that the price of $TRUMP barely reacted to this news.
WLF ready to buy a "significant amount" of TRUMP
Simmediately after publication, the price of the token rose 6.4%, but then quickly returned to $10.10, according to CoinMarketCap. Currently, Official Trump is ranked 45th by market capitalisation, with about $2 billion.
In the past 30 days, Official Trump has lost 8.65%.
Source: CoinMarketCap
Many analysts said they were surprised by such modest growth in the face of the news.
Eric Trump closes the Official Trump Wallet project
Eric Trump's announcement comes just weeks after a dinner at Trump's golf club in Virginia, held on 23 May, where 220 of the biggest $TRUMP holders were invited. The event was billed as a private meeting with the president.
Eric also confirmed the cancellation of the launch of Trump's official wallet, following the scandal that erupted earlier.
The controversy erupted on 3 June, when NFT marketplace Magic Eden and the Official Trump token team announced the launch of an "official $TRUMP wallet".
Eric Trump then responded harshly, stating that the wallet was not affiliated with the Trump family:
Subsequently, Donald Trump Jr.explained that the family's crypto platform will soon launch its own official wallet.
Eric Trump is known for his support of cryptocurrencies.
On 15 May, he attended the Consensus conference in Toronto, where he stated:
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