TRUMP Memecoin Surprise: Price Lags After Eric Trump’s World Liberty Financial Buy Announcement

The world of memecoins is rarely dull, and the TRUMP memecoin is no exception. Recent news from Eric Trump stirred considerable interest, announcing a major move from a family-backed entity. However, the expected price surge didn’t quite materialize, leaving many in the crypto community scratching their heads.

Eric Trump Announces World Liberty Financial’s Substantial Position

Eric Trump, son of former US President Donald Trump, recently made waves with an announcement regarding the TRUMP memecoin. He stated that World Liberty Financial (WLF), a crypto platform supported by the Trump family, intends to acquire a significant amount of the token.

In a social media post on June 6, Eric Trump declared, “I am proud to announce the $TRUMP Meme Coin has aligned with @WorldLibertyFi.” He further elaborated, “We’re proud to announce that World Liberty Financial plans to acquire a substantial position in $TRUMP for their Long-Term Treasury.”

This announcement signaled potential strong institutional-like interest in the memecoin from a source closely linked to the Trump family.

TRUMP Price Reacts with Minimal Pump

Following Eric Trump’s post, the TRUMP price did see a brief uptick. Data shows the price of the Official Trump coin experienced a quick spike of about 6.40%. However, this increase was short-lived. Almost immediately after the initial jump, the price retraced significantly, settling back near its previous levels.

At the time of the original report, the token was trading around $10.10, according to CoinMarketCap. Despite the announcement, the coin is currently ranked as the 45th largest cryptocurrency by market capitalization, holding a value of approximately $2.03 billion. Looking at a slightly longer timeframe, the TRUMP price was actually down over 8% in the 30 days leading up to the announcement, indicating recent bearish pressure.

Market Skepticism After Limited TRUMP Price Movement

The relatively muted price reaction to what many considered significant news led to skepticism among crypto commentators. Typically, an announcement of a large acquisition by a prominent entity would trigger a more substantial and sustained price increase, especially in the volatile memecoin market.

One commentator noted on social media, “The coin hasn’t pumped on this news – not a good sign at all.” This sentiment highlights the market’s reaction – or lack thereof – and raises questions about whether the news was already priced in, or if other factors are suppressing the TRUMP price. For potential investors considering crypto investment in this token, the lukewarm response to seemingly positive news could be a point of concern.

TRUMP Wallet Controversy and Future Plans

Adding another layer to the situation, Eric Trump also addressed recent controversy surrounding a planned wallet launch. A proposed “Official $TRUMP Wallet” involving NFT marketplace Magic Eden and the memecoin team was recently announced.

However, Eric Trump quickly distanced the family from this project, stating it was “not authorized by Trump” and warning against using the family name without approval. He confirmed the planned wallet was not moving forward. Despite this setback, he reiterated the team’s focus on the memecoin itself, stating they “remain focused on building the most exciting MEME on earth – $Trump.” Interestingly, Donald Trump Jr. hinted that the family’s platform, presumably World Liberty Financial, would be launching their own official wallet soon, suggesting future plans for broader crypto involvement and potential avenues for crypto investment within their ecosystem.

Summary

Eric Trump’s announcement that World Liberty Financial plans a significant acquisition of the TRUMP memecoin generated initial excitement but resulted in only a brief, minor price spike. The lack of a sustained rally led to market skepticism. This news comes amidst a separate controversy regarding an unauthorized TRUMP wallet, which Eric Trump publicly shut down. While the wallet plan is off the table for now, the Trump family’s continued interest in crypto, including potential future wallet plans and World Liberty Financial’s intended stake, keeps the TRUMP memecoin and its ecosystem in the spotlight for those interested in political memecoins and associated crypto investment opportunities.