Trump Wallet Confusion Reveals Deep Rift in Meme Coin Project

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The Trump family has publicly disclosed they have no ties to the launch of a $TRUMP wallet. The launch of the wallet is followed by criticism in the crypto community.

The wallet, announced by the meme coin’s team in partnership with Magic Eden, was swiftly denied by Donald Trump Jr., clarifying the Trump Organization’s lack of involvement, showing disorganization, and casting doubt over the management of the meme coin.

The Trump Organization has zero involvement with this wallet product. @EricTrump and I know nothing about it. Stay tuned—World Liberty Financial @worldlibertyfi, which we have been working tirelessly on, will be launching our official wallet soon. https://t.co/h1wO7dy6AX

— Donald Trump Jr. (@DonaldJTrumpJr) June 3, 2025

$TRUMP Wallet Launch Reveals Trump Team’s Misalignment

On June 3, 2025, the Official Trump meme coin team, in partnership with NFT marketplace Magic Eden, announced the “Official $TRUMP Wallet” to boost the meme coin’s ecosystem.

The $TRUMP meme coin, managed by CIC Digital LLC and Fight Fight Fight LLC—companies affiliated with the Trump Organization—has been a contentious player in crypto markets. However, Donald Trump Jr. wrote on X that the Trump Organization had “no involvement” and was “unaware” of the wallet, noting that their crypto platform, World Liberty Financial, would soon launch its own wallet.

Eric Trump and Barron Trump also dismissed any association with the $TRUMP wallet, reinforcing the family’s unified stance against the project.

This project is not authorized by @Trump. @MagicEden I would be extremely careful using our name in a project that has not been approved and is unknown to anyone in our organization. https://t.co/OovJGvGOkO

— Eric Trump (@EricTrump) June 3, 2025

The CEO of Magic Eden, Jack Lu, who announced the partnership and the $TRUMP wallet, has yet to issue a statement regarding the Trump family’s reaction following the launch.

This disconnect between the family and developers exposes a lack of alignment between the Trump family and the meme coin team. The Trump-linked companies control 80% of the $TRUMP supply, revealing their major influence but also the potential for independent actions by these groups, which contributed to the disorganized launch.

$TRUMP’s Volatility and Ethical Questions

The $TRUMP meme coin has seen high volatility, reaching a $2.7 billion market capitalization, majorly fueled by the exclusive dinner with President Donald Trump for top holders.

Its value dropped 40% when Melania Trump launched her $MELANIA token, falling from $75 to around $45 in an hour. Chainalysis data reveals that 58 wallets amassed $1.1 billion in profits, while 764,000 smaller holders incurred losses, with Trump-linked companies earning $100 million in trading fees.

MELANIA daily chart (Source: TradingView)

Ethical concerns have increased public criticism and regulatory scrutiny. Representative Jamie Raskin has called for investigations into the meme coin’s dinner event, pointing to a potential “pay-to-play” issue.

The Modern Emoluments and Malfeasance Enforcement Act (MEME Act) seeks to restrict and ban such financial plays by presidents. The failed wallet launch has also added to these concerns, spotlighting the meme coin’s contentious journey.

Trump Family’s Crypto Vision Tested by $TRUMP Wallet Backlash

The wallet launch debacle shows the challenges in Trump-related crypto initiatives. World Liberty Financial, the official family platform, has raised $300 million in a token sale and is developing its own wallet, pointing to a strategic shift.

Fight Fight Fight LLC, led by Trump associate Bill Zanker, manages the meme coin alongside CIC Digital LLC, but their independent actions have created tensions, as seen in the family’s rejection.

There are allegations of insider trading, and concentrated ownership threatens investor confidence in $TRUMP.

Author

Toheeb Kolade

Toheeb is an insightful blockchain reporter with deep knowledge of cryptocurrencies. With years of experience in financial journalism, Toheeb covers the latest developments in blockchain technology, cryptocurrency trends, decentralized finance (DeFi), and regulatory updates. Known for breaking news and in-depth analysis, Toheeb brings new angles on how blockchain is transforming industries and changing the global economy. From uncovering market movements to providing expert commentary on new technologies, Toheeb is dedicated to keeping readers informed about the developments in blockchain-related topics.

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