Truth Social Issues Urgent Denial: No Memecoin Launch Planned

The crypto world is often buzzing with rumors, and a recent one involving a potential Truth Social Memecoin caught significant attention. Speculation spread rapidly online, suggesting the social media platform owned by Trump Media was on the verge of launching its own token. This development, if true, would have been a major event given the platform’s association with Donald Trump and his existing presence in the crypto space.

Truth Social Addresses Memecoin Rumors Directly

In response to the circulating rumors, Truth Social took swift action to clarify the situation. The official account for the social media network posted a direct denial on its platform, stating, “Contrary to rumors, Truth Social is not launching a memecoin.”

Adding further weight to the denial, Donald Trump Jr., the eldest son of President Donald Trump, also addressed the speculation. He posted on X (formerly Twitter), confirming, “There’s no truth whatsoever about Truth Social launching a memecoin. Don’t be fooled by false information people are circulating.” These clear statements from sources connected to the platform aim to dispel the rumor definitively.

How Did the Memecoin Speculation Start?

The rumor appears to have originated from a tweet by crypto influencer Ran Neuner, host of the Crypto Banter podcast. Neuner tweeted that a Truth Social token was expected to launch within the next 72 hours and suggested it might be backed by a team similar to the one behind the TRUMP token. While the influencer’s tweet sparked the widespread discussion, the specific source of his claim remains unclear. Attempts to reach Neuner for comment on the origin of the information were unsuccessful prior to publication.

Donald Trump and His Existing Crypto Ventures

This isn’t the first time Donald Trump‘s name has been linked to cryptocurrency projects. He has previously expressed a more favorable stance towards crypto than some other political figures and has launched his own official TRUMP token. Additionally, former first lady Melania Trump launched a MELANIA token. These activities demonstrate a willingness within the Trump family circle to engage with the digital asset market.

However, Trump’s crypto plays haven’t been without controversy. A recent announcement inviting top holders of the TRUMP token to a gala dinner on May 22 drew criticism, including from some US senators who had previously called for his impeachment over the token’s launch. Furthermore, reports indicated that a significant portion of the top TRUMP token holders might reside outside the US, raising concerns among lawmakers.

Analyzing the TRUMP Token’s Performance

The TRUMP token itself has experienced significant volatility. While it reached an all-time high of $73.43 on January 19, it has since seen a substantial decline, dropping more than 80% from that peak. Despite the large correction, the token has shown some recent positive movement, trading at around $12.52 at the time of this report, representing a gain of nearly 14% over the past seven days, according to CoinGecko data. The concentration of the token among a relatively small number of wallets, including those potentially linked to figures like Justin Sun and Elon Musk, remains a notable characteristic of the token’s distribution.

Conclusion: Clearing the Air on Truth Social and Memecoins

In summary, despite online speculation fueled by influencer comments, Truth Social has unequivocally denied any plans to launch a memecoin. Both the platform itself and Donald Trump Jr. have issued clear statements refuting the rumor. While Donald Trump and his family are involved in other crypto ventures, including the official TRUMP token, this specific rumor about Truth Social entering the memecoin space has been shut down. For those following Crypto News, this serves as a reminder to verify information from official sources before acting on rumors circulating on social media.