Truth Social Denies New Memecoin Launch Amid Crypto Controversy

Truth Social, the social media platform owned by Trump Media & Technology Group, has issued a clear denial regarding rumors that it is launching a new memecoin. These rumors, which spread rapidly on social media, were swiftly labeled as ‘fake’ news by the platform. The speculation arose after Ran Neuner, founder of the Crypto Banter platform, posted on X (Twitter) suggesting that a token tied to the Truth Social platform was expected to launch within 72 hours, drawing comparisons to the existing TRUMP memecoin.

In response to the rumors, Truth Social issued a direct statement on its own platform: “Contrary to rumors, Truth Social is not launching a memecoin.” The company, majority-owned by President Trump, emphasized that no such crypto project is underway, effectively calling the Trump memecoin rumors for this platform ‘fake.’ Donald Trump Jr. also weighed in to dismiss the claims, posting on X that “There’s no truth about Truth Social launching a memecoin. Don’t be fooled by false information people are circulating.”

Although Truth Social denied involvement in any new memecoin, President Trump’s connection to crypto remains active and a subject of intense debate. The TRUMP memecoin, already in circulation, is directly linked to the president’s public image. In a separate initiative, First Lady Melania Trump previously launched a token under her name, MELANIA. The existing TRUMP token has drawn sharp criticism over an event announced by the president. According to his campaign, top token holders will be invited to a gala dinner on May 22. This announcement has triggered concern from lawmakers, with some senators renewing calls for impeachment based on ethics concerns surrounding the offer.

The controversy has also impacted progress on crypto legislation. The GENIUS Act, a bill to establish national rules for stablecoins, failed to pass this week. Despite some bipartisan support, lawmakers pointed to Trump’s crypto holdings as a central issue. Senator Jeff Merkley stated that individuals seeking political influence could enrich him personally by buying cryptocurrency he owns or controls. He warned that such financial overlap represents a profoundly corrupt scheme and risks undermining public trust. This context explains why Truth Social is calling new memecoin speculation ‘fake’ denying any Trump crypto ties.