Truth Social, owned by Trump Media & Technology Group, has denied rumors about launching a memecoin. The official Truth Social account posted, “Contrary to rumors, Truth Social is not launching a memecoin.”
Donald Trump Jr. also dismissed the claims on X (formerly Twitter), saying, “There’s no truth whatsoever about Truth Social launching a memecoin. Don’t be fooled by false information people are circulating.”
The rumors began after crypto influencer Ran Neuner, host of the “Crypto Banter” podcast, claimed that a Truth Social token was coming within 72 hours. He also suggested that the token’s team might be linked to the creators of the TRUMP token.
President Trump has been very supportive of crypto. He introduced the TRUMP token, and First Lady Melania Trump introduced the MELANIA token. Trump’s crypto efforts, however, have also been controversial.
Recently, Trump announced a gala dinner for top TRUMP token holders on May 22. The move drew backlash from U.S. senators, who previously called for his impeachment over the TRUMP token.
A Bloomberg report showed that most TRUMP token holders might not be from the U.S., which worried lawmakers. 220 wallets contain over 13.7 million TRUMP tokens valued at approximately $174 million, according to data. Names of wallets such as “Sun” and “elon” suggest the support from Justin Sun and Elon Musk.
The TRUMP token, once at $73.43 in January, is now down over 80%, currently trading at $12.52. Despite the dip, it’s up nearly 14% in the past week, according to CoinMarketCap.
Despite the ups and downs in the crypto space, the latest rumors about a Truth Social memecoin have now been debunked, easing some confusion in the crypto community.
Also Read: Trump Media to Launch Token and Wallet for Truth+ Subscriber
