Pump.fun has called out Tesla boss Elon Musk, suggesting the launch of an official Elon Musk token. The platform was quick to jump on the fallout of Musk and United States President Donald Trump over claims of the country’s spending bill.
According to Pump.fun, the new Musk token could battle it out with the Official Trump token in the crypto market as the former allies continue to go head to head over disagreements on government spending. The platform mentioned that both parties may rile up traders, causing them to split into teams.
In addition to the suggestion, Helius developer Mert Mumtaz said Solana needs to have an official ELON ticker, suggesting that they let the market decide on the winner. Musk has always used his influence to endorse DOGE and has changed his avatar to boost Kekius Maximus and GORK. However, Musk has not taken the route of an official meme, and all his assets rely on general social media hype.
Pump.fun teases announcement as Musk-inspired tokens lose out
Most of the tokens inspired by the Tesla billionaire have only managed to reach a valuation of around $1 billion, excluding DOGE. The latest fallout with Trump also generated its list of Pump.fun tokens, most notably Kill Big Beautiful Bill (KBBB), which graduated from the trenches. KBBB rallied and crashed within a day, showing the short-lived hype of the battle. Even the biggest whales managed to realize only $160K from early trading.
Multiple smaller tokens launched on Pump.fun, under topics like ‘Elon Drama’ and ‘Political Breakups’, have only witnessed above $10,000 in market capitalization. However, the drama has benefited Pump.fun greatly, with the platform seeing a rise of over 116K daily active users and more than 32K tokens launched. The platform also saw over $2 million in daily fees, a figure above its usual range.
Only a single token, Official Trump (TRUMP) is valued at $10B, remaining the leading Solana meme. However, Official Trump had much wider publicity and relied on the role of Trump to entice buyers. Despite this, TRUMP is still down to $10.09, wiping out 8% in the past day as traders sold off the asset. Later, the asset dipped under $10, with expectations of wiping out even more value.
Meanwhile, Trump is also facing a new set of issues, after World Liberty Financial issued a cease and desist order against Fight Fight Fight Ltd. The company behind the TRUMP meme coin attempted to launch a Trump wallet, facing backlash from the market. The conflict was one of the factors that erased the value of the token. However, it is expected that the reputational damage of TRUMP may boost the prospects for an ELON token, should the market choose sides.
The TRUMP crash follows a period of whale accumulation, especially leading up to Trump’s crypto dinner. The disappointing meetup further cut into TRUMP’s appeal, leaving some whales with unrealized losses. TRUMP tokens will also face pressure from ongoing unlocks and selling from large insider wallets.