On August 22, Eric Trump took to X to firmly deny circulating rumors regarding a new cryptocurrency launch by the Trump family. His statement was unequivocal: “What a joke… This is absolutely not true. No one is launching any kind of coin. If anyone is suggesting otherwise, it’s a fraud.”
This denial followed a post from the account @WhaleScan, which claimed, “DONALD TRUMP IS OFFICIALLY ABOUT TO LAUNCH HIS NEW COIN.” However, the post lacked any official announcement, ticker symbol, or contract address to substantiate the claim.
Adding to the speculation, another post surfaced at 3:03 p.m. ET, stating that a new Robinhood Chain wallet had received 290 ETH connected to something dubbed “Truth Coin.” Like the previous post, it also failed to provide a wallet address or identify the owner.
While Eric Trump dismissed the rumors outright, he did not address the specific details provided in either post. His swift rebuttal emphasized the fraudulent nature of such claims.
How the Rumor Spread
The rumors found traction largely due to the Trump family’s existing presence in the cryptocurrency realm. Eric Trump is associated with World Liberty Financial, a decentralized finance project that launched in 2024, and the family is also connected to American Bitcoin.
Speculation was further fueled by the previous launches of meme coins related to the Trump brand. The tokens TRUMP and MELANIA are already in circulation, leading some investors to anticipate that new tokens could emerge at any moment.
This context made the @WhaleScan posts particularly believable for those keeping an eye on Trump-related crypto developments.
Token Prices Moved Sharply
In the wake of the rumors, prices for both TRUMP and MELANIA tokens surged significantly. According to CoinGecko, TRUMP was trading at $2.47, reflecting a 37.9% increase over the past 24 hours, with a trading range of $1.79 to $3.60. Meanwhile, MELANIA was listed at $0.1112, marking an 18.4% gain, with a 24-hour range between $0.09085 to $0.1614.
Despite these impressive moves, both tokens were trading below their respective 24-hour highs at the time of reporting. CoinGecko’s data confirmed the volatility of token prices, emphasizing how quickly unverified rumors can impact the market.
Eric Trump’s denial was the only authoritative statement available regarding the Trump-linked crypto projects. Notably, there was no response from Robinhood or any of the named token issuers.
This incident is reminiscent of past rumors concerning crypto launches associated with the Trump family, which have often emerged and subsequently been debunked. Nevertheless, fresh waves of speculation continue to captivate audiences eager for any news related to Trump and cryptocurrency.
