Why Donald Trump's Family Is Threatening To Sue Team Behind This Cryptocurrency

Former U.S. President Donald Trump’s family has threatened to sue the team behind a cryptocurrency called TrumpCoin TRUMP/USD.

What Happened: Donald Trump’s son Eric Trump took to Twitter to announce that the Trump family has no affiliation with TrumpCoin and will take legal action against the group behind the token.

In response, TrumpCoin posted a screenshot of its answer to one of the frequently asked questions (FAQs) on its website.

The token says on its website that it is not owned, operated, endorsed by or affiliated in anyway with Donald Trump.

See Also: How To Buy Dogecoin (DOGE)

Why It Matters: TrumpCoin describes itself as a cryptocurrency based on Bitcoin BTC/USD technology that was created in February 2016 by patriots to honor Donald Trump.

The project behind the token says they intend to use TrumpCoin as “a worldwide fundraiser and support tool for Patriots.”

The token has a market capitalization of $1.4 million and a circulating supply of 6.6 million coins, as per CoinMarketCap data.

There has been a rise in meme coins in the past two years, followed by a massive rally seen in the original meme coin Dogecoin DOGE/USD, which was launched in 2013. The altcoin shot to prominence last year, in major part due to endorsement from Tesla Inc. TSLA CEO Elon Musk.

Price Action: TrumpCoin is down 15.7% over the past 24 hours, trading at $0.2331 at press time.

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Photo: Courtesy of Gage Skidmore via Wikimedia