- Trump family says they’d take legal action against memecoin ‘TrumpCoin.’
- Developers say coin is in honor of ex-president Donald Trump.
- Coin surges 300% after Eric Trump tweets that the coin developers would be dragged to court.
Former US President Donald Trump’s son, Eric Trump, has said that viral memecoin, TrumpCoin has nothing to do with the family and is not authorized by them. He said the family would take action against the coin.
This comes just after the family found out about the meme coin.
However, on its website, the TrumpCoin FAQ says it launched on February 20, 2016, to honor former President Donald Trump. It also calls itself the “#1 Patriot Cryptocurrency” on its Twitter account.
TrumpCoin current market capitalization sits at around $1.5 million with a circulating supply of a little more than 6.6 million coins, according to data from CoinMarketCap. The coin currently has almost no trading volume, though it did spike by more than 350% today, likely as a result of Eric Trump’s tweet.
TrumpCoin developers deny affiliation with ex-president’s family
The Twitter account of the meme coin replied to Trump’s tweet, confirming it never said it was associated with the former president’s brand. In other replies to Twitter users, it points to the Trumpcoin’s FAQ page where it states there are no ties with the Trump brand.
TrumpCoin reiterated in a statement that it launched more than five years ago and is “not affiliated with the Trumps in any way and has been on our website since day 1.”
“We feel this is a misunderstanding and we are in the crossfire,” the Trumpcoin spokesperson said.
The coin isn’t the only meme coin targeting right-wing Trump supporters. Earlier this month, NASCAR rejected the sponsorship of a meme coin called “LGBcoin.” The acronym “LGB” stands for “Let’s Go, Brandon,” a phrase that has itself become an internet meme and used as a placeholder for “F**k Joe Biden.”