Truth Social Denies Rumors It Plans to Launch a Memecoin

Truth Social, the social media platform owned by Trump Media & Technology Group, has firmly denied rumors that it plans to launch a memecoin.

Truth Social, the social media platform owned by Trump Media & Technology Group, has denied rumors that it plans to launch a memecoin.

The official Truth Social account posted a clear statement on its platform: “Contrary to rumors, Truth Social is not launching a memecoin.”

Donald Trump Jr., the eldest son of President Donald Trump, also took to X to quash the reports.

“There’s no truth whatsoever about Truth Social launching a memecoin. Don’t be fooled by false information people are circulating,” he stated.

There’s no truth whatsoever about Truth Social launching a memecoin. Don’t be fooled by false information people are circulating.

The denials came in response to claims made by crypto influencer Ran Neuner.

Neuner, who hosts the Crypto Banter podcast, had tweeted that a Truth Social token would be launched within 72 hours. He also suggested the token would be backed by a team similar to those involved with the TRUMP token launch.

When contacted for comment about the source of his claims, Neuner did not respond by publication time.

President Trump holds a majority stake in Trump Media & Technology Group, which owns Truth Social. The platform was created as an alternative social media option after Trump was banned by mainstream platforms following the January 6, 2021 Capitol events.

Trump’s Existing Cryptocurrency Ventures

While Truth Social may not be launching a cryptocurrency, President Trump is already involved in the crypto space. He has previously launched his own TRUMP token, while First Lady Melania Trump has released a MELANIA token.

The TRUMP token has seen major price fluctuations. According to CoinGecko data, it is currently trading at $12.52, down more than 80% from its all-time high of $73.43 reached on January 19.

However, the token has shown recent signs of recovery, having gained nearly 14% in value over the past week.

President Trump recently announced that top TRUMP token holders would receive invitations to a special gala dinner at Mar-a-Lago on May 22.

This move has drawn criticism from several U.S. senators, some of whom had previously called for Trump’s impeachment over the token launch.

Bloomberg has also reported that many top holders of the TRUMP token may not be U.S. citizens, sparking concerns among U.S. lawmakers about foreign influence.

Current data shows that 220 wallets hold more than 13.7 million TRUMP tokens, which are worth approximately $174 million at current prices.

Some of these wallets have names like “Sun” and “elon,” which appear to be referencing Tron founder Justin Sun and Tesla CEO Elon Musk. Both Sun and Musk are known supporters of President Trump.

Truth Social and Trump Media & Technology Group have not yet announced any plans to create a cryptocurrency linked to the social media platform. The company is still focused on developing its core social media business.