Donald Trump Jr. teases a family crypto project that is 'much bigger' than another memecoin. He dismissed rumors of a Trump family memecoin. He hinted at a much larger crypto project aimed at disrupting traditional banking.
The Trump dynasty is diving deep into crypto.
Donald Trump Jr. has hinted that the former president's family is planning to launch a new blockchain project, and says it's nothing as pedestrian as dropping yet another MemeCoin.
It's “much bigger” than that, the Republican presidential candidate's eldest son said in an interview the nativesA subscription-based creator platform.
“We're talking about a very different platform,” Trump Jr. said.
He also dismissed rumors of a Trump-linked memecoin that have long circulated among cryptorati, amplified by the former president's recent pro-crypto positioning.
Crypto has become a hot button issue ahead of the November election.
Once a crypto-skeptic, the former president has courted the industry, vowed to create a bitcoin stockpile and fire US Securities and Exchange Commission Chair Gary Gensler — though Indistinctly Does he really have the power to do that or not?
While many industry representatives are vying for Vice President Kamala Harris, she has yet to clarify her stance on crypto.
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Trump MemeCoins
There are several Trump-themed memecoins in circulation.
However, none of them are officially related to the former President's family.
In June, former pharmaceutical executive Martin Shkreli famously touted the creation of memecoin DJT with Donald Trump's youngest son, Barron Trump.
However, campaign insiders said News DJT had no family connection at the time.
This week, speculation ran wild after Donald Trump's second son, Eric TrumpAn upcoming crypto project has been teased.
When Memecoin Restore The Republic launched on the Solana blockchain on Thursday, many mistakenly thought it was an anticipated project.
Those rumors were fueled when conservative activist Ryan Fournier, chair of Students for Trump, sent a now-deleted tweet.
“There is a rumor that an official Trump coin has surfaced… called Restore the Republic,” Fournier said.
RTR's market cap reached $155 million within hours, but the excitement was short-lived.
Eric Trump quickly clarified that “the only official Trump project has not been announced,” leading to a sharp decline in the token's value, which is now down nearly 72% from its peak, according to CoinGecko.
Donald Trump Jr. further shot down the memecoin rumors on Thursday, saying the upcoming project could disrupt the traditional financial system.
“There is a high probability that only a few will be able to get financing,” he said. “So this concept of decentralized finance is very attractive to someone like me.”
He also points to personal frustrations with the current economy, citing difficulties in accessing insurance and other financial services.
Callan Qin is a News Hong Kong-based correspondent. Contact at [email protected].
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