Truth Social, the social media platform linked to President Donald Trump, has refuted recent rumors claiming it would be launching a meme coin, addressing the speculation circulating online.
In an official post on Truth Social, the platform dismissed the rumors as “fake news.” “Contrary to rumors, Truth Social is not launching a [meme coin],” the post wrote.
Donald Trump Jr., the eldest son of President Trump, also refuted the claims regarding the social media platform’s alleged launch of a meme coin in a post on X. “There’s no truth whatsoever about Truth Social launching a [meme coin]. Don’t be fooled by false information people are circulating,” Trump wrote.
The speculation surrounding a potential Truth Social meme coin began when crypto influencer and founder of the Crypto Banter podcast, Ran Neuner, informed his followers that the platform would be launching the token within 72 hours. Neuner also suggested that the meme coin might be backed by the same team behind the launch of the TRUMP token.
President Trump has been an outspoken advocate of cryptocurrency, even launching his own token, the TRUMP token, which aligns with his pro-crypto stance. His wife, First Lady Melania Trump, also ventured into the digital asset space with the release of the MELANIA token.
However, the Trumps’ involvement in the cryptocurrency world has sparked controversy. The announcement that top TRUMP token holders would be invited to a special gala dinner on May 22 has drawn significant criticism.
In late April, Georgia U.S. Senator Jon Ossoff publicly expressed his support for President Trump’s impeachment. Ossoff criticized the president, accusing him of “selling access” to the office of the presidency.
Meanwhile, according to data shared with CNBC by blockchain analytics firm Chainalysis, around 2 million wallets have purchased President Trump’s meme coin. Of those, 58 wallets have earned over $10 million each, collectively amassing roughly $1.1 billion in profits.
On the other hand, many of the smaller holders have faced losses, with approximately 764,000 wallets now in the red. Since its launch, the token has experienced a significant decline in value, affecting a large portion of its holders.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
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