Trump-owned platform Truth Social has denied rumors circulating online that it’s launching a memecoin. The official Truth Social account posted that despite the rumors, Truth Social isn’t launching a memecoin.
Trump Media & Technology Group owns the social media platform, with former U.S. President Donald Trump holding a majority stake in the company. Donald Trump Jr. stated on X:
There’s no truth whatsoever about Truth Social launching a memecoin. Don’t be fooled by false information people are circulating.
Rumors started circulating after influencer Ran Neuner, host of the Crypto Banter podcast, tweeted that a Truth Social token would launch within the next 72 hours. He also claimed that the same team involved with the TRUMP token appears to be behind it.
Trump’s Gala invite sparks token criticism
The U.S. president is a big supporter of cryptocurrency and has introduced his own TRUMP token, while First Lady Melania Trump has released a MELANIA token.
Trump has raised some controversy after revealing that the leading holders of the TRUMP token will be invited to an exclusive gala dinner on May. 22.
The decision sparked backlash from several people, including several U.S. senators, who had previously called for Trump’s impeachment over the launch of the TRUMP token.
TRUMP Token sparks ownership concerns
Meanwhile, a Bloomberg report suggested that most of the top holders of the TRUMP token may be located outside the US, raising concerns among US lawmakers.
The latest data shows that 220 wallets contain more than 13.7 million TRUMP tokens, worth around $174 million at the time of publication.
While it’s unclear who the top holders are, wallets named “Sun” and “Elon” seem to refer to Tron founder Justin Sun and Tesla CEO Elon Musk, both of whom support Trump.
The TRUMP token has fallen more than 80% from its all-time high of $73.43 on Jan. 19. However, it has gained nearly 14% in the past 7 days and currently priced at $12.52, according to CoinGecko.
