Trump Media denied plans to launch a 'Truth Social' meme coin, but past token proposals and ongoing cryptocurrency investments continue to cause confusion.
In short
Trump Media denied rumors about launching a 'Truth Social' meme coin, stating that these rumors are false.
A shareholder letter last month proposed a utility token linked to its Truth+ video platform.
As confusion over the crypto plans deepens, the prices of Trump-related tokens (such as $TRUMP and $MELANIA) are falling.
Trump Media & Technology Group's social media platform Truth Social denied reports about its plans to launch a meme coin on Tuesday, following rumors online that the platform was about to launch a meme coin.
Donald Trump's eldest son, Donald Trump Jr., posted on X: 'The news about Truth Social launching a meme coin is completely false. Don't be deceived by the misinformation spread by people.'
Previously, cryptocurrency trader Ran Neuner claimed in a widely circulated post that Truth Social would launch a meme coin within 72 hours.
However, the claim that the company is not interested in launching crypto products may not be entirely convincing.
In a shareholder letter last month, Trump Media proposed the idea of launching a 'utility token' and digital wallet linked to the upcoming Truth+ video streaming platform.
CEO Devin Nunes wrote: 'As part of a reward program, we are exploring the introduction of a utility token in the Truth digital wallet, initially to be used for paying Truth+ subscription fees.' He added that the token could eventually be used for other Trump Media services.
The world of lies?
Another cryptocurrency company associated with Trump, World Liberty Financial, also joined in, warning users to be cautious of fake projects.
WLFI claims to be a decentralized financial platform that competes with traditional banks, but its services are limited to selling its native token and setting up wallets. This token is not yet publicly traded.
The statement said: “WLFI is the only DeFi project supported by the Trump family. Anyone promoting fake tokens is just a scammer trying to take advantage of those who are unaware of the situation.”
However, the Trump family does have other crypto projects, most notably several meme coins and NFT collections.
As rumors about the 'Truth Social' meme coin were quelled, the prices of the former dropped. According to CoinGecko, the $TRUMP token fell 10% in the past 24 hours to $12.75, while the $MELANIA token dropped 9% to $0.37.
The chaos and contradictions surrounding Trump's ever-expanding crypto empire are sparking increasing opposition.
In addition to NFTs and meme coins associated with Trump and Melania, scrutiny surged after Trump announced he would invite the largest holders of the TRUMP token to a private dinner and reception on May 22.
This leaderboard-based access to the gala has prompted warnings from lawmakers and oversight organizations. Accountable.US stated that this gala is 'the most brazen corruption fundraising scheme in American presidential history.'
Lawmakers are calling for further investigation into Trump's cryptocurrency dealings.
