Truth Social Denies Launching Memecoin Amid Speculation
By: cryptosheadlines|2025/05/13 18:15:05
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Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com Truth Social, the social media platform owned by Trump Media & Technology Group, has denied rumors circulating online that it plans to launch a memecoin. The platform issued a direct statement on May 12 via its official account, making it clear that the claims were unfounded.“Contrary to rumors, Truth Social is not launching a memecoin,” the platform stated. The message was echoed by Donald Trump Jr., who posted on X, “There’s no truth whatsoever about Truth Social launching a memecoin. Don’t be fooled by false information people are circulating.” Notably, Trump Jr. is the eldest son of the U.S. President Donald Trump, who owns a majority stake in the media group.The rumors began after Ran Neuner, host of the Crypto Banter podcast, tweeted that a “Truth Social token” was expected to launch within 72 hours. Neuner also suggested that the same team behind the TRUMP token was involved.Trump’s History with Tokens Fuels SpeculationDespite the denial, some believe the rumors gained traction due to Trump’s existing involvement in crypto-related ventures. The president has launched his own TRUMP token, and First Lady Melania Trump introduced the MELANIA token, further fueling public curiosity about the Trump family’s interest in digital assets.Recently, Donald Trump sparked controversy after announcing that the top holders of the TRUMP token would be invited to a gala dinner on May 22. The announcement drew criticism, particularly from U.S. senators, some of whom had previously called for Trump’s impeachment over his involvement in launching the token.Adding to the tension, a Bloomberg report suggested that many of the largest TRUMP token holders are likely based outside the United States. This development has prompted concerns from lawmakers over potential foreign influence and lack of transparency. Data shows that 220 wallets hold more than 13.7 million TRUMP tokens, with a total value of around $174 million at the time of reporting.TRUMP Token Still VolatileThe TRUMP token, which reached a high of $73.43 in January, has since fallen more than 80%. Despite the decline, the token has seen a recent uptick, gaining nearly 14% in the past week and currently trading at $12.52, according to CoinGecko. Wallets referencing names like “Sun” and “elon” have raised eyebrows, with many speculating about connections to Tron founder Justin Sun and Tesla CEO Elon Musk—both known Trump supporters.Source link
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