Truth Social, the social media platform owned by Trump Media & Technology Group, has denied circulating rumours suggesting it is launching a memecoin. In an official post, the platform dismissed the speculation as false, reiterating that it had no involvement in any crypto token launch.
“Contrary to rumors, Truth Social is not launching a memecoin,” the platform stated, pushing back on claims that emerged over the weekend on social media.
Donald Trump Jr. also addressed the issue, writing on X:
“There’s no truth whatsoever about Truth Social launching a memecoin. Don’t be fooled by false information people are circulating.”
The rumours began after Ran Neuner, host of the popular Crypto Banter podcast, tweeted that a token linked to Truth Social would debut within 72 hours. Neuner also hinted that the team behind the project allegedly had ties to the launch of the controversial TRUMP token.
President Donald Trump, who maintains a pro-crypto stance, previously launched the TRUMP token, while First Lady Melania Trump released her cryptocurrency called the MELANIA token.
The TRUMP token has stirred political debate after Trump announced that its top holders would receive exclusive invitations to a gala dinner scheduled for May 22. The move has been widely criticized, with several U.S. senators calling for Trump’s impeachment over concerns of unethical conduct and potential foreign influence.
A Bloomberg report revealed that many of the TRUMP token’s largest holders may not be based in the U.S., further fueling concern among lawmakers. Currently, over 220 wallets hold a combined 13.7 million TRUMP tokens—valued at approximately $174 million. Some of these wallets are named “Sun” and “Elon,” seemingly referencing Tron founder Justin Sun and Tesla CEO Elon Musk, both vocal Trump supporters.
The TRUMP token has recently rebounded despite plunging more than 80% from its all-time high of $73.43 on January 19. It is currently trading at $12.52, up nearly 14% over the past week, according to CoinGecko data.
The controversy raises questions about the intersection of politics, cryptocurrency, and influence in the lead-up to the U.S. presidential election.
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