Truth Social Denies Meme Coin Launch Plans, Shuts Down Rumors
Reports circulated that Truth Social, a platform launched by Donald Trump to challenge Big Tech and cater to right-wing audiences, was launching its meme coin.
However, key Trump-affiliated entities have shut down speculation over a Truth Social meme coin launch.
No Truth In Truth Social Meme Coin RumorsThe controversy began Monday when Ran Neuner, founder and host of the popular Crypto Banter show, posted on X (Twitter) that the Truth Social meme coin is imminent.
“Truth Social Memecoin launching in the next 72 hours. Seems like a similar gang to the $TRUMP team. Keep your eyes and ears peeled,” Neuner shared.
The post quickly went viral, sparking a frenzy among meme coin traders and Trump-themed token enthusiasts.
Many speculated that the new coin would follow in the footsteps of the TRUMP coin, the token that surged in popularity during the US election season.
However, several entities affiliated with President Trump have put out the claims, including Truth Social itself.
Truth Social denies meme coin rumors. Source: Truth Social account
In the same tone, World Liberty Financial (WLFI), the Trump family’s decentralized finance (DeFi) project, slammed the rumors.
“Don’t be fooled. There is no new Trump crypto project. WLFI is the only DeFi project backed by the Trumps. Anyone else pushing fake tokens is just a scammer trying to take advantage of people who do not know better,” WLFI articulated.
Donald Trump Jr., one of the president’s sons, also echoed the warning, noting, “There’s no truth whatsoever about Truth Social launching a meme coin.” Labeling the claims as misleading, he also urged users not to fall victim to false information.
In response to the backlash and confirmations from official sources, Neuner followed up with another post acknowledging the denials.
Meme Coin Speculation is Down But Not OutStill, some confusion remains. Observers pointed out that Truth Social’s name on X appears with the tag “$DJT.”
“Why do they have $DJT in their name?” a user quipped.
The sentiment is that DJT, the Trump Media & Technology Group (TMTG) stock ticker, could also be misconstrued as a cryptocurrency symbol. This detail fueled speculation, especially as $DJT was trending on several crypto meme token forums.
Adding to the intrigue, previous reports had suggested that Truth Social and its parent company were exploring the idea of launching a cryptocurrency to enhance platform utility.
TMTG’s CEO and Chairman, Devin Nunes, outlined the company’s plans to expand its digital offerings and explore various monetization avenues for Truth+.
Specifically, Trump Media was considering a token launch to create an internal economy across its media properties. However, no timeline or formal announcement ever materialized.
“As part of a rewards program, we’re exploring the introduction of a utility token within a Truth digital wallet,” Nunes wrote.
The denial from all parties, however, appears unequivocal. There is no confirmed Truth Social cryptocurrency project, meme coin, or otherwise.
Still, the rapid spread of the rumor and the market reaction that followed reflect the intense speculation surrounding Trump-branded crypto assets.
The post Truth Social Denies Meme Coin Launch Plans, Shuts Down Rumors appeared first on BeInCrypto.