Truth Social Denies Meme Coin Plans as Trump Token Slips

Trump Media & Expertise Group’s social media platform, Fact Social, denied stories on Tuesday that it’s planning a meme coin, following on-line hypothesis {that a} launch was imminent.

“There’s no reality in anyway about Fact Social launching a meme coin. Don’t be fooled by false data individuals are circulating,” Donald Trump’s eldest son, Donald Trump Jr., posted on X.

The denial got here after crypto dealer Ran Neuner claimed in a now broadly shared publish that Fact Social would roll out a meme coin inside 72 hours.

However claims that the corporate has little interest in launching crypto merchandise might not be solely convincing.

In a shareholder letter final month, Trump Media floated the concept of introducing a “utility token” and digital pockets tied to its upcoming Fact+ video streaming platform.

“As a part of a rewards program, we’re exploring the introduction of a utility token inside a Fact digital pockets that may initially be used to pay for Fact+ subscription prices,” CEO Devin Nunes wrote, including the token might ultimately be used throughout different Trump Media providers.

A world of lies?

World Liberty Monetary—a separate Trump-affiliated crypto enterprise—additionally chimed in, warning customers in opposition to faux initiatives. 

Advertising itself as a decentralized finance platform that can compete with conventional banks, WLFI’s choices are restricted to promoting its native token and organising wallets. The token stays unavailable for public buying and selling.

“WLFI is the one DeFi venture backed by the Trumps,” it mentioned. “Anybody else pushing faux tokens is only a scammer attempting to benefit from individuals who don’t know higher.”

The Trumps do, nevertheless, produce other crypto initiatives, most notably a number of meme cash and NFT collections. 

The previous have seen their costs fall as rumors in regards to the Fact Social meme coin had been quashed. The $TRUMP token fell 10% to $12.75 over the previous 24 hours, whereas $MELANIA dropped 9% to $0.37, in response to CoinGecko.

Confusion and contradictions round Trump’s increasing crypto empire are prompting rising backlash. 

Alongside Trump and Melania-linked NFT collections and meme cash, scrutiny spiked after Trump introduced that the highest holders of the TRUMP token can be invited to a non-public dinner and reception on Might 22.

The leaderboard-based gala entry has triggered warnings from lawmakers and watchdog teams. Accountable.US referred to as the occasion “essentially the most nakedly corrupt self-enrichment scheme in U.S. presidential historical past.”

Lawmakers have referred to as for additional investigation into Trump’s crypto dealings.

Edited by Sebastian Sinclair