Trump family discovers TrumpCoin; Plans to take legal action
- Per Eric Trump, TrumpCoin is a fraudulent project that has nothing to do with his family.
- TrumpCoin’s FAQ section indicates that it is not owned, affiliated, endorsed by Trump.
- Before TrumpCoin, LGBcoin cropped up, trying to attract right-wing Trump supporters.
The family of former US President Donald Trump has discovered a meme coin associated with its name. Eric Trump discovered the token dubbed TrumpCoin (TRUMP) on January 24 and posted a tweet to warn investors against investing in the coin, seeing as it has nothing to do with his family. He added that they intend to take legal action against TRUMP’s creator.
According to the coin’s website, it launched on February 20, 2016, to honour the former US President, who it claims is a patriot. TRUMP touts itself as a coin for patriots that love freedom, God, family and have a sense of pride in contributing to society.
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Data from CoinMarketCap shows the coin has a market cap of $1.333 million (£0.97 million), making it the 1,608th-largest crypto. At the time of writing, TRUMP is changing hands at $0.2019 (£0.15) after plunging 26.24% over the past 24 hours. There are currently 6.6 million tokens in circulation, and the volume has climbed 585.35% in the day to hit $8,417.00 (£6,247.56).
TrumpCoin says it has nothing to do with Donald Trump
Hoping to avoid going to court, TrumpCoin responded to Eric’s tweet, by highlighting its FAQ section that specifies that the coin is not owned, affiliated, or endorsed by Donald Trump.
It is worth noting that TRUMP is not the only meme coin looking to attract right-wing Trump supporters. Earlier this month, NASCAR rejected a sponsorship from a crypto project titled LGBcoin, with LGB being an acronym for Let’s Go Brandon, a phrase that has become an internet meme for people that do not support the current US President, Joe Biden.
This news comes as Trump continues maintaining his negative stance on digital assets despite his wife Melania Trump embracing NFTs in the past year. According to Trump, cryptocurrencies are a very dangerous thing, adding that the sector is rapidly growing and no one is doing anything about it. To this end, he believes it will make the big tech explosion look like baby stuff.