Bitcoin has crashed to $100,423 after falling 4% in the past day, while the TRUMP meme coin slid 12% to $9.67, according to CoinGecko.
The drop hit during a brutal week for Donald Trump, who’s been fighting battles on multiple fronts—including a messy falling out with Elon Musk and a legal clash inside his own crypto camp. The timing couldn’t be worse. The market’s bleeding and every major piece of Trump’s crypto operation is now in conflict.
Trump and Musk’s relationship fully collapsed Thursday when the President slammed Musk over his opposition to a Republican-backed tax bill that’s currently stuck in the Senate.
Trump accused Musk—his former economic advisor—of being “crazy” and told reporters at the White House he was considering terminating federal contracts with Musk’s companies: Tesla, SpaceX, and xAI. The president said Musk was “upset” about the proposed removal of EV tax credits and Trump’s decision to block his NASA nominee.
Elon didn’t take that lightly. Hours later, he posted, “Without me, Trump would have lost the election,” on his personal X account, adding fuel to the fire.
The tension exploded publicly, with both sides now openly discrediting each other. That beef alone hit the price of crypto hard, but things got even messier inside the Trump family’s own crypto empire.
Trump family sues trump coin project over wallet
At the same time as the Musk feud, Trump’s sons have launched a legal war against the company that created the TRUMP meme coin. The company—Fight Fight Fight, led by Trump’s longtime associate Bill Zanker—received a cease-and-desist letter from World Liberty Financial, a firm that holds major Trump family investments.
The conflict started Tuesday after Fight Fight Fight unveiled a product called the $TRUMP Wallet, a new crypto wallet built in partnership with Magic Eden.
The project, meant to allow users to hold and trade the TRUMP coin and other tokens, went live without getting the greenlight from Trump’s actual family. World Liberty Financial moved fast to stop it. The company also sent a legal notice to Magic Eden, saying the Trump name was being used without consent.
Donald Trump Jr. attacked the project online, and Eric Trump wrote, “I would be extremely careful using our name in a project that has not been approved and is unknown to anyone in our organization.”
Both brothers made it clear they had no idea who approved the wallet or the campaign around it. Behind the scenes, World Liberty Financial had been developing its own wallet, one that would allow users to earn yield on their tokens.
Both Trump wallet projects scramble for control
The turf war got uglier when the $TRUMP Wallet website and social media went live, then mysteriously disappeared, then came back online.
The X account linked to the wallet was later suspended, just hours after launching. Despite the chaos, Fight Fight Fight kept pushing, offering TRUMP coin giveaways to people who signed up for early access.
Zanker’s company isn’t new to the Trump crypto scene. In January, they launched the TRUMP meme coin, which has since earned more than $300 million in fees for its creators.
Fight Fight Fight and another Trump-linked company, CIC Digital LLC, hold 80% of the token supply, which is now valued at $1.7 billion on CoinMarketCap. Zanker has promoted the token’s use in online shopping and organized a private dinner near Washington last month where Trump addressed top holders.
While Zanker pushes one vision for the TRUMP token, the Trump family is pushing another. World Liberty Financial has already raised $550 million in token sales. It also launched a stablecoin called USD1, pegged to the U.S. dollar, with a market cap of $2.2 billion.
Financial docs show a Trump-linked company gets 75% of the net revenue, including token sale proceeds. The Trump family holds 60% equity in World Liberty through their entity DT Marks DeFi LLC.
