Truth Social Denies Memecoin Launch Rumors

Truth Social, the social media platform owned by Trump Media & Technology Group, has officially denied rumors that it plans to launch a memecoin. The platform's official account posted a statement on its platform, asserting, “Contrary to rumors, Truth Social is not launching a memecoin.” This denial was further reinforced by Donald Trump Jr., who tweeted, “There’s no truth whatsoever about Truth Social launching a memecoin. Don’t be fooled by false information people are circulating.”

The rumors began after crypto influencer Ran Neuner claimed that a Truth Social token would launch within 72 hours. Neuner, who hosts the Crypto Banter podcast, suggested that the token would be backed by a team similar to those involved with the TRUMP token launch. However, Neuner did not respond to requests for comment about the source of his claims.

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 from mainstream platforms following the January 6, 2021 Capitol events. 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 significant price fluctuations. It is currently trading at $12.52, down more than 80% from its all-time high of $73.43 reached on January 19. Despite this dramatic drop, the token has shown recent signs of recovery, gaining 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 scheduled for 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.

This revelation has sparked concern among U.S. lawmakers about foreign influence. Current data shows that 220 wallets hold more than 13.7 million TRUMP tokens. At current prices, these holdings are worth approximately $174 million. Some of these wallets have names like “Sun” and “elon,” which appear to reference Tron founder Justin Sun and Tesla CEO Elon Musk. Both Sun and Musk are known supporters of President Trump.

Neither Truth Social nor Trump Media & Technology Group has announced any plans to create a cryptocurrency tied to the social media platform. The company continues to focus on developing its core social media business. The denials from Truth Social and Donald Trump Jr. serve to clarify the platform's stance on cryptocurrency ventures, emphasizing that their primary focus remains on providing a robust social media experience for their users.