In a twist that’s become all too familiar in the volatile world of cryptocurrency, Truth Social, the social media platform owned by Trump Media, has firmly rebuffed circulating rumors of launching a memecoin. The official denial was posted on Truth Social itself, quashing speculation that had quickly gained traction online.
Rumor Mill and Denial
The rumors began swirling when Ran Neuner, the host of the Crypto Banter podcast, tweeted that a Truth Social token would emerge within 72 hours, hinting at a connection to the team behind the TRUMP token. The social media buzz was palpable, but Truth Social promptly responded with a post on its platform, stating unequivocally, “Contrary to rumors, Truth Social is not launching a memecoin.” This development comes amidst ongoing discussions about Truth Social’s potential foray into cryptocurrency for subscription payments, as explored in Truth Social Explores Cryptocurrency Launch for Subscription Payments.
Donald Trump Jr., amplifying the official statement, took to X—formerly known as Twitter—to further dispel the claims, emphasizing, “There’s no truth whatsoever about Truth Social launching a memecoin. Don’t be fooled by false information people are circulating.”
The TRUMP Token Saga
This isn’t the first time the Trump Media & Technology Group has found itself in the crypto crosshairs. President Donald Trump, known for his unabashed support of cryptocurrency, previously launched the TRUMP token. This venture, however, landed him in hot water with several U.S. senators. The controversy peaked when Trump announced a gala dinner for top TRUMP token holders scheduled for May 22, drawing criticism from political adversaries who have called for his impeachment over the move.
Adding fuel to the fire, a Bloomberg report suggested that a significant portion of TRUMP token holders might not be U.S. citizens. This revelation has caused a stir among lawmakers concerned about foreign influence. With 220 wallets holding over 13.7 million TRUMP tokens, speculation is rife about the identities behind these accounts, some of which intriguingly bear names like “Sun” and “elon”—potential nods to Tron founder Justin Sun and Tesla’s Elon Musk, both known Trump allies.
Market Implications and Future Prospects
The cryptocurrency market, known for its unpredictability, reacted swiftly to the unfolding saga. The TRUMP token, which once skyrocketed to an all-time high of $73.43 in January, has since nosedived over 80%. Yet, in a curious market twist, it has seen a 14% uptick over the past week, trading at $12.52 as of today, according to CoinGecko. This mirrors broader market trends, such as the recent surge in Bitcoin prices, detailed in Bitcoin Surges Past $94,000 as Institutional Interest and Market Optimism Grow.
The ongoing drama raises pertinent questions about the intersection of politics and digital currency. As the Trump-linked American Bitcoin miner goes public via a merger with Gryphon, the scrutiny intensifies. Crypto analyst Eva Greene notes, “The Trump brand’s foray into crypto is a double-edged sword. On one hand, it garners massive attention, but on the other, it invites regulatory and ethical challenges.”
A Cautionary Tale
The debacle serves as a cautionary tale in the memecoin universe, where speculation often precedes verification. The rapid spread of the Truth Social token rumor underscores the need for due diligence and skepticism. As Neuner has yet to clarify the origins of his claim, the incident highlights the potential for misinformation to sow chaos in an already tumultuous market.
Looking ahead, the crypto community will be watching closely to see how Truth Social navigates this storm. Will the platform take further steps to mitigate misinformation? And what of the TRUMP token’s recovery—is it a temporary blip or a sign of more enduring resilience? The answers remain elusive, but one thing is clear: in the world of crypto, expect the unexpected.
Source
This article is based on: Trump-owned Truth Social denies it is launching a memecoin
Further Reading
Deepen your understanding with these related articles:
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- U.S. Congress Braces for Intense Debate Over Crypto Legislation This Summer (openai)
- Crypto token failures soar, with 1 in 4 launched since 2021 dying in Q1: CoinGecko
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
