Eric Trump denied rumours that a new cryptocurrency linked to President Donald Trump would soon be launched. As the rumours spread, the price of an existing Trump meme coin rose sharply.

On Aug. 22, blockchain outlet The Defiant reported that Eric Trump dismissed the new coin launch claim on his X account, calling it "absolutely not true".

Eric Trump said, "What a joke. This is absolutely not true." He added, "No one is launching any kind of coin. If anyone is suggesting otherwise, it’s a fraud." He quoted and rebutted a post claiming Donald Trump would soon launch a new coin.

The controversy began with a post that spread on X that afternoon. One post claimed Donald Trump would officially launch a new coin soon, but it provided no specific details such as an official announcement, token ticker or contract address.

Another post claimed that a new Robinhood chain wallet received 290 ether and interacted with a 'WWW' or 'Truth Coin' contract. It also did not disclose the wallet address or information about who actually controls the wallet.

The core of the spreading rumours was a claim that a Trump-linked new coin launch was imminent and that unidentified contract activity was spotted on the Robinhood chain. The posts did not include any official announcement from the Trump side, Robinhood or any specific token issuer.

Eric Trump also focused on denying the launch claim itself rather than pointing to any specific token ticker or contract. He warned that he is not launching a new coin and that spreading such claims could be a fraud.

As the rumours spread, the price of an existing Trump meme coin surged. TRUMP rose 37.9 percent over 24 hours to $2.47, according to CoinGecko. Over the same period, it traded between $1.79 and $3.60. MELANIA, linked to Melania Trump, also rose 18.4 percent to $0.1112 over the same period. Its 24-hour range was $0.09085 to $0.1614.

Both tokens were down from their 24-hour highs. Prices did rise as the new coin launch rumour spread, but it cannot be concluded that the rumour was the direct cause of the gains.

The only direct official comment confirmed so far is Eric Trump's denial. He again drew a line, saying, "No one is launching any kind of coin."

This case shows that the market for Trump-related cryptocurrencies can move sharply based solely on unverified posts or unclear wallet activity. In market-sensitive matters such as new token launches, there is a need for caution about information circulating without an official announcement.

Market participants need to check any future official notice from the actual issuer, token identification information and whether contract addresses are disclosed. Based on what has been confirmed so far, there has been no official announcement to support a new Trump-linked coin launch, and Eric Trump called the claims a fraud.

What a joke… This is absolutely not true. No one is launching any kind of coin. If anyone is suggesting otherwise, it’s a fraud. https://t.co/H0nWXNL8rn