Reports have emerged that Truth Social, a platform launched by Donald Trump to confront big tech companies and attract right-wing audiences, is planning to launch its own memecoin.
However, key organizations associated with Trump have denied rumors of the launch of the Truth Social memecoin.
Rumors about the Truth Social memecoin are untrue
The controversy began on Monday when Ran Neuner, founder and host of the popular show Crypto Banter, posted on X (Twitter) that the Truth Social memecoin would be coming soon.
“Truth Social memecoin is launching in the next 72 hours. It looks like it’s the same team as $TRUMP. Keep your eyes and ears open,” Neuner shared.
This post quickly went viral, causing a stir among memecoin traders and Trump-related token enthusiasts.
Many assumed that the new token would follow the path of TRUMP coin, a token that gained popularity during the US election season.
However, several organizations affiliated with President Trump, including Truth Social, have denied these claims.
In the same vein, World Liberty Financial (WLFI), the Trump family's decentralized finance (DeFi) project, also dismissed these rumors.
“Don’t be fooled. There is no new Trump crypto project. WLFI is the only DeFi project supported by the Trumps. Everyone else promoting fake tokens are scammers trying to take advantage of people who don’t know any better,” WLFI said.
Donald Trump Jr., one of the president’s sons, also echoed the warning, stating, “There is no truth whatsoever to the claim that Truth Social is launching a memecoin.” He called the claims misleading and urged users not to fall for false information.
In response to criticism and confirmation from official sources, Neuner published another post acknowledging the rebuttal.
Speculation with memecoins has decreased, but not disappeared
However, some confusion remains. Observers have noted that the name Truth Social appears in X with the tag “$DJT.”
“Why do they have $DJT in their name?” joked one user.
There is a belief that DJT, the ticker symbol for Trump Media & Technology Group (TMTG), could be mistaken for a cryptocurrency symbol. This detail fueled speculation, especially when $DJT was trending on several memecoin forums.
Adding to the intrigue, previous reports suggested that Truth Social and its parent company were considering the idea of launching a cryptocurrency to increase the platform's utility.
TMTG CEO and Chairman, Devin Nunes, outlined the company's plans to expand digital offerings and explore different monetization avenues for Truth+.
Trump Media, in particular, considered launching a token to create an internal economy within its media assets. However, no timeline or official announcement has emerged.
“As part of the rewards program, we are considering introducing a utility token into the Truth digital wallet,” Nunez wrote.
However, the denials from all sides seem unequivocal. There is no confirmed project for a Truth Social cryptocurrency, memecoin or otherwise.
However, the rapid spread of rumors and the subsequent market reaction reflect the intense speculation surrounding crypto assets associated with the Trump brand.#BinanceSquare #TradeLessons #TradeWarEases #TradeStories #Binance $TRUMP