Magic Eden’s $TRUMP Wallet Launch Faces Backlash as Trump Family Denies Involvement

Magic Eden, a prominent NFT marketplace on Solana, announced on June 3 the launch of a Trump-branded cryptocurrency wallet in collaboration with the team behind the $TRUMP memecoin. Promoted as “The Official $TRUMP Wallet” and “the first and only crypto wallet for true Trump fans,” the wallet offers waitlist participants a chance to share $1 million in $TRUMP token rewards Magic Eden X Post. However, the announcement was swiftly met with denials from Eric Trump, Donald Trump Jr., and Barron Trump, who stated the project lacks authorization from the Trump Organization, escalating tensions and prompting threats of legal action

Wallet Launch and Promotional Campaign

The $TRUMP Wallet’s announcement was first flagged by independent crypto journalist Molly White, who noted a waitlist registration page briefly appearing on TrumpWallet.com. Magic Eden soon confirmed the project, describing it as a collaboration with GetTrumpMemes.com, the team behind the $TRUMP memecoin. The wallet’s official website markets it as “The Official $TRUMP Wallet by President Trump,” emphasizing its integration with Magic Eden’s infrastructure for buying, storing, and trading cryptocurrencies. The $TRUMP memecoin team also affirmed the partnership on X, amplifying the announcement.

Currently, TrumpWallet.com features only a waitlist application page, allowing users to sign up and earn $TRUMP token rewards by inviting others. Inviting just one new user qualifies participants to share in a $1 million $TRUMP token pool. However, neither Magic Eden, the $TRUMP memecoin team, nor the wallet’s website has provided detailed information on technical specifications, partnership terms, or any Trump entities involved.

Trump Family’s Denial and Legal Threats

The wallet’s claim of being “official” was quickly challenged by the Trump family. Donald Trump Jr., co-founder of the Trump Organization’s DeFi project World Liberty Financial (WLFI), denied any connection to the wallet, stating that WLFI is developing its own official wallet. Eric Trump, Executive Vice President of the Trump Organization, echoed this sentiment on X, saying, “This project is not authorized by Trump. I would be extremely careful using our name in a project that has not been approved and is unknown to anyone in our organization.” Barron Trump also publicly disavowed the project, reinforcing the family’s stance.

The controversy escalated when Eric Trump indicated the Trump Organization is preparing legal action over the wallet’s creation, according to The New York Times. “There is no deal for this product,” Eric Trump stated. “There is no agreement for this product. It has not been approved.”

Adding to the turmoil, X suspended the Trump Wallet account, despite its prior verification by Magic Eden, further clouding the project’s legitimacy. Neither Magic Eden nor the $TRUMP memecoin team has responded to the Trump family’s denials or the account suspension as of press time.

Market Impact and Price Volatility

The announcement and subsequent controversy triggered significant price movements for both $TRUMP and Magic Eden’s native token, $ME. According to Coingecko, following the wallet’s announcement, $TRUMP’s price surged from $11.31 to $11.58, a 2.38% increase, before dropping to $11.14 (a 3.96% decline) after the Trump family’s denials. Similarly, $ME rose from $0.86 to $1.15, a 33% jump, before falling 13% as the controversy unfolded. As of press time, $ME was trading at $1.07, reflecting a partial recovery.

Broader Context and Competing Interests

The $TRUMP Wallet controversy highlights potential rivalries within the Trump family’s expanding crypto ventures. On one side is World Liberty Financial, led by Donald Trump Jr. and Eric Trump, which is developing its own DeFi and wallet initiatives. On the other is the $TRUMP memecoin team, led by Trump’s long-time business associate Bill Zanker, which has launched Trump-related NFTs and the $TRUMP token since 2024. Both groups appear to be vying for the “official” Trump branding to bolster their crypto projects.

Magic Eden’s involvement raises further questions, given its established ties to Trump-related initiatives. In March 2024, the Trump Cards NFT collection migrated to Magic Eden’s platform. Additionally, in May 2025, Magic Eden’s CEO and two other executives attended a Trump-hosted dinner for top $TRUMP memecoin holders, which means they have invested between $55,000 and $38 million apiece in the token. These connections suggest Magic Eden’s partnership with the $TRUMP memecoin team was not a casual decision, making the Trump family’s denials particularly striking.

The New York Times described the situation as exposing “a rift in Mr. Trump’s ever-expanding network of crypto ventures, a complex web of businesses run by various family members and associates who now appear to be competing against each other.”

The controversy underscores the challenges of branding in crypto space, particularly when leveraging high-profile names without clear authorization. With the Trump Organization threatening legal action and the Trump Wallet X account suspended, Magic Eden and the $TRUMP memecoin team face mounting pressure to clarify their partnership and address the family’s concerns. It remains unclear whether the wallet will maintain its current branding or adopt a new approach.