KEY POINTS
- The Trump brothers urged crypto users to stay tuned for a 'huge' crypto announcement
- Trump was recently embroiled in a controversy over an alleged 'scam' token, $DJT
- Many crypto users advised Trump Jr. and Eric to stick with Bitcoin
The cryptocurrency community is in a frenzy after two of Donald Trump's children hinted at an upcoming decentralized finance (DeFi) project that will shake the industry. Crypto users have started guessing what the project is, but many are against the launch of a memecoin.
'Something huge' underway
Donald Trump Jr. said the upcoming DeFi project is "something huge" so crypto users shouldn't "get left behind," while Eric Trump said he has "truly fallen in love with crypto," adding that his followers should "stay tuned for a big announcement."
We’re about to shake up the crypto worldwith something HUGE.
— Donald Trump Jr. (@DonaldJTrumpJr) August 7, 2024
Decentralized finance is the future—don’t get left behind. #Crypto #DeFi #BeDeFiant
I have truly fallen in love with Crypto / DeFi. Stay tuned for a big announcement…@Trump @realDonaldTrump @DonaldJTrumpJr
— Eric Trump (@EricTrump) August 6, 2024
Their posts came about two weeks after their father spoke at the Bitcoin 2024 conference in Nashville, where he reaffirmed support for the Bitcoin community and the broader crypto space.
Trump Jr. and Eric did not say whether their business mogul dad was involved in the project.
Crypto users begin the guessing game
Pierre Rochard of Bitcoin mining giant Riot Platforms asked whether the project is related to "open source grants for MuSig2 development."
Is it open source grants for MuSig2 development?
— Pierre Rochard (@BitcoinPierre) August 7, 2024
Well-followed @WSBChairman suggested that it could be a new Trump layer 1 blockchain on the Avalanche ($AVAX) network.
A new Trump L1 on @avax calling it now
— Chairman (@WSBChairman) August 7, 2024
Popular Satoshi Club believes it's another layer 2 chain on Ethereum.
He’ll launch another L2 on Ethereum
— Satoshi Club (@esatoshiclub) August 7, 2024
While there were a few other suggestions about what the Trump sons could be cooking up, a host of the commenters – mostly crypto users – agreed on one thing: it shouldn't be another memecoin or token.
We don't need another token.
— Pledditor (@Pledditor) August 7, 2024
Dear God, if this is just a token or an NFT, it's a scam. Hoping for the best, but remember this tweet!
— BitcoinSapiens ⚡️ (@BitcoinSapiens) August 7, 2024
Stop shitcoining Eric.#bitcoin only
— The Old Taylor (@The_Old_Taylor) August 6, 2024
If this is a coin, it will be a rug
— artchick.eth 🔥👠 (@digitalartchick) August 7, 2024
Also interesting that millions in liquidity was pulled from DJT coin yesterday and you announce this now
You are doing your father's name (in election season!) and the crypto industry a disservice
Are you really that broke?
Why the hate on tokens?
In mid-June, rumors emerged that $DJT, a Solana memecoin, was Trump's official token, sending the PolitiFi token into a 400% surge. Neither Trump nor his campaign confirmed or denied the rumor publicly. There were also rumors that the GOP candidate's youngest son, Barron, was involved in the token's launch.
Just a day later, multiple crypto figures said they confirmed with sources close to the ex-president that neither Trump nor Barron were involved in any way in the "scam token."
Prominent crypto sleuth ZachXBT soon revealed that Martin Shkreli, infamously known as "Pharma Bro," claimed in a direct message with investor Andrew Tate that he created the $DJT memecoin.
The said token slumped by over 62% over the news.
Bitcoin only
Many Bitcoiners, including Cleanspark executive chairman Matthew Schultz, took to the comments section of brothers, advising them that they should only focus on projects related to Bitcoin, the world's largest digital asset by market cap.
Bitcoin. Just bitcoin.
— S Matthew Schultz (@smatthewschultz) August 7, 2024
Eric, 99% of "Crypto" is a scam. #Bitcoin is the only legitimate "Crypto", please understand this.
— phil c. (@philc411) August 6, 2024
You're not going to shake up anything. You're going to 💩 coin and bring shame upon your family name.
— Pastor Coin (@pastorcoin) August 7, 2024
Please don't. Just stick with bitcoin. There's nothing you can do to improve it.
Details are scant regarding the Trump brothers' new crypto project. It remains to be seen whether any of the crypto community guesses or advice will be taken into consideration.
