The price of Official Trump currency rose briefly by 6% before falling when Eric Trump stated that the team "remains focused on producing the most amazing MEME on earth."
Eric Trump, the US president's son, revealed that the Trump family-backed crypto platform World Liberty Financial (WLF) intends to acquire a major portion of the Official Trump memecoin following his endorsement of the token.
Some crypto aficionados were shocked that Official Trump didn't cause a significant market reaction.
"I am delighted to announce that the $TRUMP Meme Coin has partnered with @WorldLibertyFi," Trump stated in a June 6 X tweet.
Eric Trump says WLF will acquire a "substantial amount."
"We're proud to announce that World Liberty Financial plans to acquire a substantial position in $TRUMP for their Long-Term Treasury," remarked the CEO. According to CoinMarketCap data, minutes after Trump published the X post, Official Trump's price increased by 6.40% before retracing to $10.10 at the time of publication. It is the 45th largest cryptocurrency by market capitalization, with a current value of $2.03 billion.
Some cryptocurrency commentators were suspicious that the announcement would not result in a larger price spike. In a June 6 X post, cryptocurrency commentator Pluid wrote, "The coin hasn't pumped on this news - not a good sign at all."
It comes only weeks after the top 220 memecoin holders gathered at the president's Virginia golf course on May 23 for an exclusive dinner and alleged meet-and-greet.
Eric Trump shuts down Trump's memecoin wallet.
Trump also ridiculed the debut of the Official Trump Wallet, which sparked controversy earlier this month. "Although their meme wallet is not moving forward, they are still focused on creating the most interesting MEME on the planet," he stated.
On June 3, Magic Eden, a non-fungible token marketplace, and the company behind the president's memecoin, Official Trump, announced a collaboration to develop "the Official $TRUMP Wallet."
Eric Trump reacted at the time, noting that the wallet "is not authorized by Trump" and cautioning 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 stated that the family's cryptocurrency company "will be launching our official wallet soon."
Eric Trump, well-known for his pro-crypto position, also spoke at the Consensus conference in Toronto on May 15, claiming that "everybody in the world is trying to hoard Bitcoin right now."
