Trump-owned Truth Social denies it is launching a memecoin

Truth Social, the social media platform owned by Trump Media and Technology Group (with Donald Trump holding a majority stake), has vehemently denied rumors of an impending memecoin launch. The denial was issued via the official Truth Social account and reiterated by Donald Trump Jr. on X (formerly Twitter). These denials followed speculation fueled by influencer Ran Neuner, who claimed on his Crypto Banter podcast that a Truth Social token would launch within 72 hours, hinting at involvement from the same team behind the TRUMP token. Despite Cointelegraph’s attempts to contact Neuner for clarification, no response was received.

This isn’t the first time the Trump family has been linked to cryptocurrency ventures. Donald Trump has previously launched his own TRUMP token, and Melania Trump has a MELANIA token. However, the TRUMP token launch has been controversial, attracting criticism from US senators who previously called for Trump’s impeachment. Further concerns arose from a Bloomberg report suggesting a significant portion of the top TRUMP token holders may not be US-based, raising red flags for US lawmakers. Currently, approximately 220 wallets hold over 13.7 million TRUMP tokens, valued at roughly $174 million. While the identities of these holders remain largely unknown, wallet names like “Sun” and “elon” suggest potential links to Justin Sun (Tron founder) and Elon Musk, both known Trump supporters.

The TRUMP token’s price has significantly dropped since its January 19th all-time high of $73.43, currently trading at $12.52 (a more than 80% decrease), although it has seen a recent 14% increase over the past week, according to CoinGecko. The situation highlights the volatility of the memecoin market and the scrutiny surrounding cryptocurrency projects linked to high-profile figures. The denials from Truth Social underscore the importance of verifying information surrounding such ventures, especially given the history of controversy surrounding the Trump family’s involvement in the crypto space.