Donald Trump Jr. and Eric Trump, sons of former President Donald Trump, cautioned the cryptocurrency community about fraudulent tokens masquerading as ones backed by the family, while assuring that an official Trump project announcement will be made by them.
What Happened: Donald Trump Jr., Trump's eldest son, expressed his appreciation for the community's support towards the Trump family on X on Thursday. However, he also warned against counterfeit tokens claiming to be part of an official Trump project.
"The only official project will be announced directly by us, and it will be fair for everyone. Don't be fooled—stay tuned for the real deal," he said.
Eric Trump echoed his elder brother's warning, urging people to be wary of fake tokens. He reiterated that the official Trump project has not yet been announced.
I love how much the crypto community is embracing Trump. It's absolutely incredible, but beware of fake tokens claiming to be part of the Trump project. The only official project will be announced directly by us, and it will be fair for everyone. Don't be fooled—stay tuned for...
— Donald Trump Jr. (@DonaldJTrumpJr) August 8, 2024
Why It Matters: The Trump brothers' warning follows their recent hints at a significant announcement related to cryptocurrency and decentralized finance (DeFi), sparking widespread speculation and excitement.
"We're about to shake up the crypto world with something HUGE. Decentralized finance is the future, don't get left behind," using the hashtag "BeDeFiant," Donald Trump Jr. posted early Wednesday.
The cryptic social posts triggered conjectures about an official token project from the Trump family. In fact, a Solana (CRYPTO: SOL)-based memecoin Restore The Republic (CRYPTO: RTR), referencing Trump's popular political slogan in this year's election, blasted approximately $150 million in market cap Thursday, only to plummet below $5 million in the following hours, data from price monitoring tool DexScreener showed.
Price Action: At the time of writing, PoltiFi token themed on Trump, Maga (CRYPTO: TRUMP) was exchanging hands at $3.19, down 3.17% in the last 24 hours, and 37% over the week.
Photo by Gage Skidmore on Flickr.
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