David Edwards
In response to rumors that went viral on social media over the weekend, Trump Media & Technology Group’s (TMTG) social media platform, Truth Social, has formally denied any role in the establishment of a memecoin.
“Contrary to rumors, Truth Social is not launching a memecoin,” the company declared via an official post. Former US President Donald Trump controls the majority of TMTG, the company that operates the site.
Adding to the denial, Donald Trump Jr. addressed the speculation directly on X (formerly Twitter), stating, “There’s no truth whatsoever about Truth Social launching a memecoin. Don’t be fooled by false information people are circulating.”
After Ran Neuner, host of the Crypto Banter podcast, stated that a coin bearing the Truth Social brand was anticipated to launch in the next 72 hours, the speculations started to gain momentum. Parties formerly associated with the TRUMP token, a cryptocurrency associated with the former president, were accused by Neuner of being involved.
Neuner did not reply to requests for clarification or confirmation about his source, despite contact efforts.
Trump’s Past Using Crypto Fuels Conjecture
President Trump has experience with cryptocurrencies, despite Truth Social’s disassociation from the memecoin claims. Previously, he introduced the TRUMP token, while Melania Trump, the former First Lady, introduced the MELANIA token. Both the general public and politicians have taken notice of these endeavors.
The news that top TRUMP token holders would be invited to a lavish dinner on May 22 was one contentious aspect. Political leaders have criticized this project and voiced ethical problems; several U.S. senators have called for Trump’s impeachment due to the token’s promotion.
A Bloomberg report that suggested a sizable percentage of TRUMP token holders might be based outside of the US sparked additional outrage and made lawmakers wonder about foreign interference. A total of 13.7 million TRUMP tokens, worth roughly $174 million, were stored in 220 wallets at the time of publishing.
Names like “Sun” and “elon” were written on some wallets, possibly alluding to Tesla CEO Elon Musk and Tron creator Justin Sun, both of whom are well-known Trump supporters. These wallet holders’ identities haven’t been confirmed, though.
