Truth Social, the social media platform owned by Trump Media & Technology Group, has denied rumors that it plans to launch a memecoin. The buzz started when crypto influencer Ran Neuner tweeted that a “Truth Social token” could be released within 72 hours.
“Contrary to rumors, Truth Social is not launching a memecoin,” the official Truth Social account posted.
Donald Trump Jr. echoed the statement on X, formerly Twitter, saying, “There’s no truth whatsoever about Truth Social launching a memecoin. Don’t be fooled by false information people are circulating.”
Ran Neuner’s tweet sparks crypto buzz
Neuner, known for hosting the Crypto Banter podcast, suggested the rumored token might involve the same team behind the TRUMP token. Cointelegraph reached out to Neuner for details but received no response by the time of publication.
Trump’s ties to memecoins remain controversial
While Truth Social isn’t entering the memecoin space, former U.S. President Donald Trump is no stranger to crypto. He previously launched the TRUMP token, and First Lady Melania Trump released her own MELANIA token.
Recently, Trump drew backlash for inviting top TRUMP token holders to a private gala dinner scheduled for May 22. The announcement triggered criticism from U.S. lawmakers, some of whom have called for his impeachment over the crypto initiative.
Concerns over token ownership
A Bloomberg report revealed that many major TRUMP token holders might be located outside the U.S., raising further concern among regulators.
According to the latest data, 220 wallets hold over 13.7 million TRUMP tokens—worth about $174 million at the time of writing. Wallet names like “Sun” and “elon” have led to speculation about involvement from Tron founder Justin Sun and Tesla CEO Elon Musk, both known Trump supporters.
TRUMP token price update
Despite controversy and a sharp decline from its all-time high of $73.43 in January, the TRUMP token has seen a small rebound. It’s up nearly 14% in the past 7 days and is currently trading at $12.52, according to CoinGecko.
