Truth Social, the social media platform backed by US President Donald Trump, has no plan to launch a memecoin.
On May 13, Donald Trump Jr., the US Presidentâs son, dismissed the claims outright, stating:
âThereâs no truth whatsoever about Truth Social launching a memecoin. Donât be fooled by false information people are circulating.â
World Liberty Financial (WLFI), a DeFi project backed by the Trump family, issued a similar statement that echoed Trump Jr.âs view. The group made it clear that no new Trump-related crypto venture was in the works.
It stated:
âDonât be fooled. There is no new Trump crypto project. WLFI is the only DeFi project backed by the Trumps. Anyone else pushing fake tokens is just a scammer trying to take advantage of people who donât know better.â
These comments responded to rumors from the popular crypto influencer Ran Neuner, who suggested on X that a Truth Social memecoin was looming.
According to Neuner:
âTruth Social Memecoin launching in next 72 hours. Seems like similar gang to TRUMP team.â
However, the Trump familyâs clarification has cleared up the misinformation that had been gaining traction on social media.
Trumpâs expanding crypto footprint
Although a Truth Social memecoin appears off the table, the rumors reflect growing interest from the Trump circle in crypto.
Last month, Trump Media and Technology Group (TMTG), the parent firm behind Truth Social, revealed that it was exploring broader crypto integrations.
The firmâs CEO, Devin Nunes, highlighted plans for a ânative utility tokenâ and digital wallet for its video streaming platform, Truth+. That token may be used for subscriptions and extended to other platform services.
[Editorâs Note: The definition of a memecoin is worth considering here, as the TRUMP token, which is viewed within this classification, has utility in that holders are able to meet with the President of the United States. Factually, purchasing enough of the token has the utility of giving you direct access to the President.
The Truth+ token is set to have utility within the âTruth ecosystemâ for payments but could also function similarly to a memecoin in terms of momentum-based price increases due to Donald Trumpâs fan base. Thus, whether the token discussed by Nunes is now off the table too remains unclear.]
TMTG has also partnered with Crypto.com and Yorkville America to develop a new line of exchange-traded funds. These will feature a mix of traditional assets and crypto, including Bitcoin and Cronos (CRO), as the firm deepens its stake in digital finance.
These planned ventures reveal how Trumpâs ties to the crypto industry have continued to grow during the past year.
Once a Bitcoin skeptic, Trump has evolved into a vocal supporter of digital assets, with several crypto ventures and moves to his name. He became the first US presidential candidate to accept Bitcoin donations during his latest presidential campaign.
His involvement has gone beyond campaign finance. Trump has released several NFT collections and backed WLFI as a decentralized finance initiative.
Since returning to office, he has appointed several pro-crypto figures to key government roles, including SEC Chair Paul Atkins and Howard Lutnick as the Secretary of Commerce.
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