Trump-Linked Cryptos in Free Fall as Eric Denies New Token Rumors
Eric Trump, son of former US President Donald Trump, has denied rumors surrounding the launch of a new cryptocurrency token. In a post on X, he called the speculation 'what a joke,' stating that no one is launching any kind of coin.
This comes as existing tokens linked to the Trump family are experiencing significant declines in value. The official Trump token, TRUMP, reached an all-time high of $73.43 within two days of launch but has since plummeted to $2.58. Meanwhile, the Melania Meme token, MELANIA, is trading at around $0.1074, nearly 99% below its peak.
The Trump Media and Technology Group (TMTG) has been selling its Bitcoin holdings as the price declined, locking in losses of around $145 million. The company's recent sale of 2,628 BTC for $165.07 million has raised questions about insider trading given the significant decline in cryptocurrency values.
Justin Sun, founder of TRON, has criticized Trump-linked World Liberty Financial and its USD1 stablecoin, warning investors about potential risks.