Truth Social Denies Meme Coin Plans as Trump Token Slips

Trump Media & Technology Group’s social media platform, Truth Social, denied reports on Tuesday that it is planning a meme coin, following online speculation that a launch was imminent.

“There’s no truth whatsoever about Truth Social launching a meme coin. Don’t be fooled by false information people are circulating,” Donald Trump’s eldest son, Donald Trump Jr., posted on X.

The denial came after crypto trader Ran Neuner claimed in a now widely shared post that Truth Social would roll out a meme coin within 72 hours.

But claims that the company has no interest in launching crypto products may not be entirely convincing.

In a shareholder letter last month, Trump Media floated the idea of introducing a “utility token” and digital wallet tied to its upcoming Truth+ video streaming platform.

“As part of a rewards program, we’re exploring the introduction of a utility token within a Truth digital wallet that can initially be used to pay for Truth+ subscription costs,” CEO Devin Nunes wrote, adding the token could eventually be used across other Trump Media services.

A world of lies?

World Liberty Financial—a separate Trump-affiliated crypto venture—also chimed in, warning users against fake projects. 

Marketing itself as a decentralized finance platform that will compete with traditional banks, WLFI’s offerings are limited to selling its native token and setting up wallets. The token remains unavailable for public trading.

“WLFI is the only DeFi project backed by the Trumps,” it said. “Anyone else pushing fake tokens is just a scammer trying to take advantage of people who don’t know better.”

The Trumps do, however, have other crypto projects, most notably several meme coins and NFT collections. 

The former have seen their prices fall as rumors about the Truth Social meme coin were quashed. The $TRUMP token fell 10% to $12.75 over the past 24 hours, while $MELANIA dropped 9% to $0.37, according to CoinGecko.

Confusion and contradictions around Trump’s expanding crypto empire are prompting growing backlash. 

Alongside Trump and Melania-linked NFT collections and meme coins, scrutiny spiked after Trump announced that the top holders of the TRUMP token would be invited to a private dinner and reception on May 22.

The leaderboard-based gala access has triggered warnings from lawmakers and watchdog groups. Accountable.US called the event “the most nakedly corrupt self-enrichment scheme in U.S. presidential history.”

Lawmakers have called for further investigation into Trump’s crypto dealings.

Edited by Sebastian Sinclair