- Eric Trump and Donald Trump Jr. announced an impending Trump crypto project.
- While no details have been announced, the project will likely be an official Trump meme coin.
- The announcement has received mixed reactions, forcing Eric Trump to warn against the dangers of pump-and-dump schemes.
Donald Trump and crypto are new best friends, and while the market is feeling the impact (for better or worse), the former president and his family still have a lot to learn.
Now, Trump’s sons (Eric Trump and Donald Trump Jr.) are getting ready to join their father and go all-in on crypto.
Major assets like Bitcoin ($BTC), Ethereum ($ETH), Solana ($SOL), and $XRP experienced significant price swings after the Trump family hinted at an impending crypto announcement.
However, the announcement received a different reaction than the Trump sons expected. Let’s look at what happened and why the market is poised for another Trump crypto bombshell.
Trump’s Sons Poised to ‘Shake up the Crypto World’
Eric Trump took to X (formerly Twitter) to hint at a new crypto venture. His newfound crypto passion and the potential of a Trump-endorsed crypto project make sense, given the former president’s recent embrace of crypto as part of his current presidential campaign.
I have truly fallen in love with Crypto / DeFi. Stay tuned for a big announcement…@Trump @realDonaldTrump @DonaldJTrumpJr
— Eric Trump (@EricTrump) August 6, 2024
While Eric Trump didn’t provide much detail, Donald Trump Jr did a day later, promising the project would make a more substantial impact than the current meme coin craze.
The announcement generated significant interest and speculation, especially considering the recent performance of other Trump-related tokens (Trumpcoins).
Most are expecting another meme coin, albeit an ‘official’ one. However, the original announcement only loosely referred to ‘crypto and DeFi,’ with the hashtag #BeDeFiant. That could be why it didn’t catch on, and the reactions weren’t exactly what the brothers wanted.
Trump Sons Warn of Meme Pump-and-Dump Schemes
A since-deleted video claiming to represent Eric’s new project forced him to refute the claims, clarifying that the project hasn’t been officially launched.
This is absolutely false https://t.co/qmv2AKeUYD
— Eric Trump (@EricTrump) August 8, 2024
Perhaps ironically, Eric and Donald Trump Jr. have publicly warned their followers about the dangers of investing in meme coins.
They emphasized the prevalence of pump-and-dump schemes that artificially inflate coin prices before a quick sell-off for maximum profits.
That led to skepticism regarding the difference between existing Trump-related projects and an ‘official’ Trump meme coin.
With Eric’s post seemingly confirming that the new project will be a token, it adds even more fuel to the meme coin fire.
Our Verdict – Is the Trump Family Taking on the Crypto World?
The staged announcement and mixed responses led to bad actors running a scam off the back of the original post. This shows that the Trump family has only recently embraced crypto. They still have a lot to learn.
Overall, the incident indicates that Trump’s crypto journey is just beginning, with bumps along the way. Let’s hope the new project performs better than other recent Trump coins.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
