Former US President and presidential candidate Donald Trump promoted a decentralized finance (DeFi) initiative called “The DeFiant Ones” on the social media platform Truth Social on Thursday. The project is known to be led by Trump’s sons, Donald Jr. and Eric Trump. The Trump family has not made significant announcements about the new DeFi project so far.
MAGA Meme Coin Rises
However, Trump’s statements suggest that the new project will challenge traditional financial institutions and aim to empower middle-class Americans.
The statement on the subject was as follows:
The average American has been squeezed by big banks and financial elites for too long. It’s time to take a stand together.
“The DeFiant Ones” still lacks clear details, but speculation is rampant. Eric Trump highlighted the concept of “digital real estate,” potentially involving the sale of digitized assets in the metaverse or the tokenization of real-world assets (RWAs), indicating a diversity of expectations.
Considering all this, these speculations have increased discussions on whether the project will release another meme coin or tokenize tangible assets.
How Much is MAGA Worth?
Despite the lack of clarity about the project, the MAGA (TRUMP) meme coin has seen significant rises within 24 hours. It experienced a notable 21% increase in the last 24 hours. Additionally, it is important to note that this meme coin is only thematically related to Trump and has no official connection with the former US President.
The announcement reveals a noticeable shift in Trump’s perspective compared to the past. During his presidency, he called Bitcoin a scam and criticized it.
However, his statements, especially after starting his presidential campaign, showed a more positive stance towards crypto. Trump spoke at the Bitcoin 2024 conference in Nashville last month. In this speech, he also promised to fire Gary Gensler if he wins the election.
Moreover, he recently suggested that Bitcoin could play a role in solving the US’s massive national debt and said:
Who knows? Maybe we pay off our $35 trillion, give them a little crypto check, right? We give them some Bitcoin and wipe out our $35 trillion.
