Truth Social Denies Launching a Memecoin Despite Rumors

Truth Social, owned by Trump Media & Technology Group, has denied rumors about launching a memecoin.

Truth Social, owned by Trump Media & Technology Group, is not launching a memecoin, the social media platform has denied.

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.”

There's no truth whatsoever about Truth Social launching a memecoin.

Don't be fooled by false information people are circulating.

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.

Earlier this year, President Trump announced the launch of his own cryptocurrency, named TRUMP. The token is being sold as part of an effort to raise funds for Trump’s 2024 presidential campaign.

Trump has been a vocal supporter of cryptocurrencies, and he has previously spoken about his interest in launching his own token. In 2022, Trump expressed his enthusiasm for cryptocurrencies, describing them as "very interesting" and a subject he is "beginning to learn more about."

His son, Donald Trump Jr., has also engaged with the crypto community on social media. Recently, he shared a post on X, formerly Twitter, to debunk rumors about Truth Social launching a memecoin.

The rumors started 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.

Announcing the arrival of the Truth Social token in 72 hours, Neuner said: "They are also launching their own SPOTLIGHT CHAIN to mint the Truth Social token on. The Truth Social token will be a governance token and will give holders voting rights on key decisions affecting the platform.

"The Truth Social token is expected to be launched on a major cryptocurrency exchange. It is not yet clear which exchange will be selected for the listing."

However, the rumors were quickly dismissed by both Truth Social and Donald Trump Jr., who took to social media to set the record straight.

The official Truth Social account posted: "Contrary to rumors, Truth Social is not launching a memecoin."

And Donald Trump Jr. added: "There’s no truth whatsoever about Truth Social launching a memecoin. Don’t be fooled by false information people are circulating."

The crypto community was abuzz with speculation after Neuner's claims, with many expressing interest in a Truth Social token. The rumors come amid a broader trend of social media companies launching their own tokens.

Last year, messaging app Telegram launched its own native token, GRAM, which was sold in a private fundraising round to institutional investors. The move sparked interest in other social media platforms, such as Truth Social and X, to follow suit.

Earlier this year, President Trump announced a gala dinner for top TRUMP (CRYPTO: TRUMP) token holders on May 22.

The move might enrage 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.

According to blockchain analytics firm Behainal, 220 wallets contain over 13.7 million TRUMP tokens valued at approximately $174 million. The top 10 TRUMP token holders collectively hold nearly 60% of the total tokens in circulation.

Among the notable wallet names are “Sun,” which could belong to BitTorrent founder Justin Sun, who is known for his involvement in cryptocurrency projects. Another interesting wallet is named “elon,” which might belong to X (formerly Twitter) CEO Elon Musk, a strong supporter of cryptocurrencies.

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.