XRP’s on-chain activity collapses – Can the price hold at $3.10?
- The former president backed a recent family crypto project – The Defiant Ones.
- The move has attracted divergent views from the crypto community.
Former U.S. president Donald J. Trump has endorsed a crypto project, The Defiant Ones, recently announced by his sons Donald J. Trump Jr. and Eric Trump.
The former president showed his support for the project on Truth Social. His statement, which was also shared on X (formerly Twitter), read,
“For too long, the average American has been squeezed by the big banks and financial elites. It’s time we take a stand—together.”
Trump’s move elicits mixed reactions
Trump’s move elicited mixed reactions. Some users believe that Trump’s family crypto project, resonated well with the notion that he’s the pro-crypto presidential candidate.
“Trump is the only U.S. politican who is actually launching projects in Crypto. NFTs, DeFi, etc. Safe bet that a Trump presidency would be a good time for our industry.”
Undoubtedly, the former president has made public his pro-crypto stance. He’s not only pro-crypto but also increasingly perceived as pro-business, as recently highlighted by FundStrat’s Tom Lee.
According to Lee, markets believe ‘Trump’s probabilities of winning are stronger’ than polls portrayed. Lee added that further market conviction could boost small-cap shares and Bitcoin [BTC].
“When the market becomes more convinced of that, you’ll see cyclicals, small caps, and Bitcoin do better because those are clear policy differences.”
However, Trump’s endorsement of the crypto ‘The Defiant Ones’ also attracted negative views. One user cautioned others and urged them to focus on BTC rather than any token the Trump family crypto project might launch.
“And a shitcoin is going to change that? I don’t think so. If you are reading this, don’t fall for it. Look at Bitcoin instead.”
Another user also cautioned the community on the upcoming The Defiant Ones project and noted,
“This isn’t DeFi. It’s just another pawn move in the political system. It’s the complete opposite of everything Bitcoin and crypto stands for. This consolidates power, it doesn’t decentralize it.”
Despite the mixed views on the project, as of the time of writing, there were few details for constructive criticism to be leveled against or for it.
The team stated that more details would be announced on the official project’s Telegram channel soon.
