Eric Trump teases major crypto update; New TrumpCoin in the making?

• Eric Trump makes a major crypto announcement, fueling speculation about a new memecoin
• Despite skepticism, Trump’s memecoin saw a 9% hike, with Trump leading in Polymarket predictions

Following a series of pro-crypto initiatives by former President Donald Trump, Eric Trump, his son, has hinted at a major upcoming development in the cryptocurrency and decentralized finance (DeFi) sectors.

This announcement has sparked considerable interest and speculation within the crypto community. 

As the Executive Vice President of The Trump Organization, Eric Trump took to X and said, 

“I have truly fallen in love with Crypto / DeFi. Stay tuned for a big announcement…”

Eric Trump’s crypto move

In his post, he tagged the official accounts of The Trump Organization, his father Donald Trump, and his older brother, Donald Trump Jr., with whom he co-manages the company. 

As expected, this has fueled speculation that Trump might introduce his own memecoin during the election season.

Source: AshRobin/X

This brings us back to TrumpCoin, a cryptocurrency based on the Solana blockchain.

The coin, named after Donald Trump, gained attention in June when Martin Shkreli, a controversial figure with a criminal record for securities fraud, claimed it was an official project endorsed by the former President.

Shkreli also alleged that the development of TrumpCoin involved the assistance of Trump’s younger son, Barron Trump.

How did the community react to this?

Even so, the sudden enthusiasm for cryptocurrencies from Trump’s son took many in the community by surprise. 

Reiterating the same, Jameson Lopp, Co-founder and Chief Security Officer at CasaHODL, remarked, 

“You should probably avoid cooking up any crypto schemes until you’re sure that daddy’s gonna crush the SEC.”

Further criticism came from X user Habboy, who added, 

“What will you do? Dump the Bitcoin USA seized to fix up your debt? No thanks. You won’t do anything good for the crypto market. Keep lying on X.”

This episode underscores the crypto community’s surprise at the sudden attention. Especially given the timing of Kamala Harris’s choice of Tim Walz as her running mate for the 2024 elections.

Here are the consequences

While Eric Trump’s shift towards crypto may appear to support digital assets, it might negatively affect his appeal to genuine crypto voters.

This move might be seen as a calculated move, rather than as authentic support for digital assets. Thus, this might potentially alienate voters who view it as insincere.

However, despite all the skepticism, the Trump-inspired memecoin (TREMP) recorded a 9% hike on the charts. In fact, Polymarket’s predictions still show Trump leading with 52% of the projected votes.

Polymarket