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Truth Social, the social platform owned by Trump Media, has shut down rumors of an upcoming memecoin launch.
Crypto influencer Ran Neuner had claimed that a token linked to Truth Social could be unveiled within 72 hours.
In a public post, Truth Social stated it had no involvement in any memecoin launch and asked people to stop spreading rumors.
Donald Trump Jr. also took to X, formerly Twitter, to echo the denial and warn users not to be misled by the circulating misinformation.
The original rumor suggested the project may involve individuals connected to the TRUMP token, but no evidence has surfaced.
Donald Trump is already linked to cryptocurrency through his own TRUMP token. The TRUMP token’s top holders have sparked concern among lawmakers, with many wallets potentially based outside the US.
Its value has dropped more than 80% from its peak but showed a small rebound recently.
The controversy escalated further after Trump announced a gala dinner for major TRUMP token holders, leading to backlash from some US senators.
According to the report by CCIV, several senators expressed worry over foreign involvement and political fundraising activities implicating the Trump family.
The senators highlighted that the involvement of foreign entities and political fundraising through crypto could raise serious legal and ethical questions.
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