Today’s biggest scandal is undoubtedly the Trump wallet farce, with Magic Eden announcing a surprise partnership late at night. Trump’s eldest son quickly disassociated himself, ME tokens surged 40% before crashing, and retail investors were repeatedly exploited. This plot is even more thrilling than the Dogecoin scandal!
To be honest, the combination of big shots’ traffic and a triple denial to fleece the retail investors is nothing new.
In the early hours of June 4th, Bloomberg terminal source Walter Bloomberg suddenly hinted that Trump would launch an official wallet, in conjunction with Magic Eden's (ME) $TRUMP lottery marketing. ME token’s price instantly surged 40%. Retail investors rushed in overnight, with website registrations skyrocketing to over 80,000. It was a true Trump concept carnival night.
The climax arrived three hours later when Trump’s eldest son Donald Jr. and second son Eric quickly tweeted that this wallet had nothing to do with their family. ME token plummeted 20% in response. It turned out the lottery was limited to U.S. citizens, and even Gmail users didn’t receive verification codes. It was as if global retail investors were running alongside, while ME and the Trump token team pocketed all the fees.
Magic Eden’s operation can be considered the pinnacle of opportunistic marketing: leveraging Trump’s IP to drive prices up → family denial causing controversy → traffic fermentation → ME brand exposure doubling. Remember last year when ME and Trump collaborated on NFT trading cards? They used the same tactic.
Additionally, there are rumors of infighting within the Trump family, with uneven sharing of benefits. Upon closer inspection of the eldest son’s statement, it seems there are at least two factions within the Trump family fighting for the crypto pie. On one side is the formal army WLFI led by the eldest son Eric, and on the other side is the Meme coin team. This farce is essentially a struggle for legitimacy, and Magic Eden may have picked the wrong side and became collateral damage.
$TRUMP token team and family business WLFI factions are competing for IP. Magic Eden’s partner is Fight Fight Fight LLC (the Trump NFT issuer), which holds a substantial amount of $TRUMP tokens, while the family’s direct line, controlled by the eldest and second sons, is World Liberty Financial (WLF), which is preparing to launch its own wallet.
The Trump team is well-aware that what is not prohibited by law can be done. The SEC categorizes Meme coins as collectibles, so they use lotteries to distribute tokens to bypass securities laws. The White House insists the gala was a private affair, allowing them to openly price political resources. This wallet farce has taken compliance avoidance to the extreme, with all risks borne by Magic Eden, while the family can cut ties at any moment.
The biggest impact on the market from this incident is short-term euphoria and long-term trust collapse, leaving a mess behind. Here, I advise retail investors to definitely learn a lesson: a big shot’s endorsement does not equal genuine good news, especially for projects backed by political figures, which often come with information asymmetry and regulatory follow-ups.
The Trump family has raked in $320 million in fees over the past six months, while Meme coin whales have made $1.5 billion and retail investors have lost $3.8 billion. Now they are even making fake wallets, and this infinite cash-out by the elite class is destroying the decentralized faith in the crypto industry.
The entire Trump family are 'harvesters.' 813,000 investors have lost $2 billion due to the $TRUMP token. This wallet farce again proves that celebrity tokens = insider harvesting tools. The Trump family’s three meme coins $TRUMP, $MELANIA, and $BARRON are all high control + zero value, with price fluctuations entirely reliant on their Twitter.
Imagine a decentralized crypto world where political celebrities are selling products. This is a gross absurdity. From gala tickets to wallet lotteries, the Trump team has long understood the wealth code of traffic monetization. Retail investors must either learn to make quick entries and exits or completely avoid this type of news-driven trading.
#特朗普钱包闹剧 #名人币 #投资风险 #TRUMP #BNB
