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Truth Social Denies Memecoin Launch Rumors as TRUMP Token Trades at $12.52
By: bitcoin ethereum news|2025/05/13 18:45:04
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TLDR Truth Social and Donald Trump Jr. officially denied rumors about launching a memecoin Rumors began after crypto influencer Ran Neuner claimed a Truth Social token would launch within 72 hours President Trump has previously launched his own TRUMP token, which is currently trading at $12.52 The TRUMP token has fallen 80% from its all-time high of $73.43 Top TRUMP token holders will reportedly be invited to a special gala dinner on May 22 Truth Social, the social media platform owned by Trump Media & Technology Group, has firmly denied rumors that it plans to launch a memecoin. The official Truth Social account posted a clear statement on its platform: “Contrary to rumors, Truth Social is not launching a memecoin.” Donald Trump Jr., the eldest son of President Donald Trump, reinforced this message on X. “There’s no truth whatsoever about Truth Social launching a memecoin. Don’t be fooled by false information people are circulating,” he stated. There’s no truth whatsoever about Truth Social launching a memecoin. Don’t be fooled by false information people are circulating. https://t.co/rbmcoT1tB3 pic.twitter.com/VDOEd8cqGr — Donald Trump Jr. (@DonaldJTrumpJr) May 12, 2025 The denials came in response to claims made by crypto influencer Ran Neuner. Neuner, who hosts the Crypto Banter podcast, had tweeted that a Truth Social token would be launched within 72 hours. Neuner also suggested the token would be backed by a team similar to those involved with the TRUMP token launch. When contacted for comment about the source of his claims, Neuner did not respond by publication time. President Trump holds a majority stake in Trump Media & Technology Group, which owns Truth Social. The platform was created as an alternative social media option after Trump was banned from mainstream platforms following the January 6, 2021 Capitol events. Trump’s Existing Cryptocurrency Ventures While Truth Social may not be launching a cryptocurrency, President Trump is already involved in the crypto space. He has previously launched his own TRUMP token, while First Lady Melania Trump has released a MELANIA token. The TRUMP token has seen major price fluctuations. According to CoinGecko data, it is currently trading at $12.52, down more than 80% from its all-time high of $73.43 reached on January 19. Despite this dramatic drop, the token has shown recent signs of recovery. It has gained nearly 14% in value over the past week. President Trump recently announced that top TRUMP token holders would receive invitations to a special gala dinner scheduled for May 22. This move has drawn criticism from several U.S. senators, some of whom had previously called for Trump’s impeachment over the token launch. Bloomberg has reported that many top holders of the TRUMP token may not be U.S. citizens. This revelation has sparked concern among U.S. lawmakers about foreign influence. Current data shows that 220 wallets hold more than 13.7 million TRUMP tokens. At current prices, these holdings are worth approximately $174 million. Some of these wallets have names like “Sun” and “elon,” which appear to reference Tron founder Justin Sun and Tesla CEO Elon Musk. Both Sun and Musk are known supporters of President Trump. Neither Truth Social nor Trump Media & Technology Group has announced any plans to create a cryptocurrency tied to the social media platform. The company continues to focus on developing its core social media business. Source: https://blockonomi.com/truth-social-denies-memecoin-launch-rumors-as-trump-token-trades-at-12-52/
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