- Ogle shorts $TRUMP with $1M USDC as confusion mounts over Trump-themed tokens and the Trump family threatens legal action.
- Trump family distances from $TRUMP coin, warns of legal steps, and teases launch of their own official crypto wallet.
- Musk-Trump feud rattles markets as Tesla crashes, crypto dips, and only Fartcoin
Spot On Chain reported that crypto trader Ogle, advisor to World Liberty Fi, recently placed a bold leveraged short against $TRUMP. He deposited $1 million USDC into Hyperliquid and opened a 10x short worth $2.71 million, targeting the Trump meme token. Currently, the position is down $105,000, with a liquidation price of $12.489. Ogle clarified that $TRUMP has no link to World Liberty Fi and added, “In uncertain times, you hedge.” This strategic move came as confusion swirled over the true affiliations of Trump-themed crypto projects.
Clarity Over Confusion in Trump-Branded Tokens
For months, speculation blurred the lines between $TRUMP, World Liberty Fi (WLFI), and the DJT token. Many believed the Trump family had direct ties to multiple projects. However, recent legal threats from the Trump family drew a clearer line. World Liberty, reportedly backed by Donald Trump Jr. and Eric Trump, issued a cease-and-desist to Fight Fight Fight, the team behind the Official Trump coin. They also targeted Magic Eden for developing an unaffiliated Trump-branded wallet. Eric Trump responded sharply, threatening legal action and denying all involvement with the current $TRUMP coin.
Besides clarifying affiliations, the Trump family hinted at launching their own official crypto wallet soon. This development could reshape the narrative around politically themed tokens. Consequently, the market may begin to treat Trump-related assets with more caution and scrutiny moving forward.
Musk-Trump Clash Adds More Fuel to the Fire
Tensions escalated after President Trump criticized Elon Musk over the “One Big Beautiful Bill,” a legislation he supports. Musk clapped back, igniting a fierce public spat. Significantly, this clash affected both traditional and crypto markets. Tesla stock plummeted over 15%, its worst daily loss since September 2020.
Additionally, Bitcoin briefly dipped below $101,000. Ethereum fell by 7%, Solana dropped 5%, while XRP and BNB slid around 4%. The market’s risk-off mood deepened the ongoing bearish sentiment. However, not all tokens suffered. Surprisingly, Fartcoin (FARTCOIN) surged over 10% after Coinbase added it to its listing radar.
