Pump.fun was quick to jump on the fallout of Donald Trump and Elon Musk over the claims of a bloated spending bill. The meme token platform offered Musk a chance to launch a new token and battle it out on the crypto market.
Pump.fun called out to Elon Musk on Twitter, suggesting the launch of a new official meme token. The hypothetical new asset would battle it out with Official Trump (TRUMP) while the former partners split over disagreements on government spending.
Pump.fun commented on the clash between Musk and Trump, suggesting the clash may rile up the trenches and cause traders to split into teams.
. @elonmusk, sorry to hear about your clash with Trump. Whilst we can’t provide an opinion, we can provide a solution:
Trump already launched a coin, which means you have the opportunity to do the funniest thing ever. This is the only time we will endorse PVP.
The time is now.
— pump.fun (@pumpdotfun) June 5, 2025
In addition to Pump.fun’s suggestion, Helius developer Mert Mumtaz suggested Solana must have an official ELON ticker and let the market decide on a winner.
Both Musk and Trump have been staples for launching unofficial meme tokens, especially during the PolitiFi boom in 2024. Musk has also 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 joined the cheering squads on social media, who were observing Trump’s comebacks and Musk’s criticism of his spending bill.
Musk tokens lose out on the Trump hype
Tokens inspired by Elon Musk only reached a valuation of around $1B, 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 the span of 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 were launched on Pump.fun, under trending topics like ‘Elon Drama’ and ‘Political breakups’, though rarely exceeding $10K in market capitalization. The drama was beneficial for Pump.fun, however, raising its daily active users over 116K, with more than 32K launched tokens. The platform also locked in over $2M in daily fees, 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.
TRUMP crashed under $10 on reputational damage, setting expectations for further losses. | Source: Coingecko
TRUMP is also facing a new set of troubles, as World Liberty Financial issued a cease and desist order against Fight Fight Fight Ltd. The company behind the official meme token attempted to launch a Trump wallet, this time facing a backlash. Unfortunately, the conflict was one of the factors that erased the value of the token.
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.
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