‘Legal Action Will Be Taken,’ Trump Family Says After Discovering TrumpCoin

Eric Trump came to Twitter to alert his fans about a “fraudulent” joke currency called TrumpCoin.

Members of the Trump family have taken notice of a meme currency dubbed TrumpCoin—and they are not amused. Eric Trump, Donald Trump’s son, tweeted today that TrumpCoin is unrelated to the Trump family, is not sanctioned, and that “legal action” would be pursued.

According to the TrumpCoin FAQ on its website, the cryptocurrency was founded on February 20, 2016, to commemorate former President Donald Trump. On its Twitter feed, it also refers to itself as the “#1 Patriot Cryptocurrency.” TrumpCoin now has a market value of roughly $1.5 million and a circulating supply of slightly more than 6.6 million coins, according to CoinMarketCap statistics. The currency has essentially little trading activity at the moment, however it spiked more than 350 percent today, most likely in response to Eric Trump’s tweet.

TrumpCoin responded to the younger Trump brother’s Tweet with a snapshot of its FAQ page: “Trumpcoin.com is not associated with or controlled by Donald J. Trump, The Trump Company, Donald J. Trump for President Inc, or any other organisation owned and/or run by Donald J. Trump or any of his affiliates.”

TrumpCoin is not the only meme currency aimed at Trump fans on the right. NASCAR has declined to support a joke currency dubbed “LGBcoin.” “LGB” stands for “Let’s Go Brandon,” a slogan that has become an online meme and is often used in lieu of “F*ck Joe Biden.”

A meme coin is a coin that lacks intrinsic value and often lacks function. As implied by the name, these coins are mostly — but not entirely — based on internet memes. For example, Dogecoin is one of the original meme currencies and was long believed to have no intrinsic value. Nonetheless, thanks to entrepreneur Elon Musk, Dogecoin is currently among the top ten cryptocurrencies, with a market valuation of $18.2 billion.

Also Read: The Founder Of Dogecoin Slams Those Internally Sabotage Doge