Eric Trump's $TRUMP Endorsement Sees 6% Surge, Community Skeptical

- Eric Trump reveals World Liberty Financial's $TRUMP acquisition plan (June 6, 2025). - Crypto community skeptical of memecoin's strength following endorsement. On June 6, 2025, Eric Trump announced via a post on X (formerly Twitter) plans for World Liberty Financial (WLF), a Trump family-backed crypto venture that intends to acquire a substantial amount of the Official Trump memecoin (TRUMP) for its long-term treasury. On June 6, 2025, CoinDesk also reported this development. The announcement caused a brief price spike in the TRUMP memecoin of approximately 6.4%, reaching around $10.78. However, the price quickly retraced to about $10.10 within a short period. The crypto community, however, reacted to the news with considerable skepticism. For instance, on June 6, 2025, crypto commentator Pluid wrote on X (formerly Twitter), "The coin hasn’t pumped on this news - not a good sign at all." This reaction, in turn, sparked discussions about the market’s increasing preference for fundamental value over hype, a preference particularly evident concerning celebrity-backed crypto projects. Analysts suggest that while endorsements can boost short-term visibility, they do not ensure long-term market growth. The TRUMP memecoin has been trading at around $10, down 85% from its all-time high of $73 in January 2025. Moreover, a scheduled $520 million token unlock in July may exert additional downward pressure on the price. In the announcement on June 6, 2025, Eric Trump also revealed that the "Official $TRUMP Wallet" project would not proceed, a controversial initiative initially promoted by NFT marketplace Magic Eden and the TRUMP memecoin team. According to CoinDesk on June 6, 2025, Eric Trump had previously warned Magic Eden against using the Trump name without authorization. The same CoinDesk report indicated that Donald Trump Jr. later mentioned World Liberty Financial would launch its own "official wallet soon." Despite the halted wallet project, on June 6, 2025, Eric Trump stated on X (formerly Twitter) that the team remains "focused on building the most exciting MEME on earth - $Trump." On June 7, 2025, CoinMarketCap reported that as of 15:28 UTC, the Official Trump memecoin (TRUMP) was trading at $10.374, reflecting a 3.742% change in the past 24 hours.