- Trump Media & Technology Group denied rumors about launching a meme coin on its Truth Social platform.
- The company previously discussed a possible “utility token” for its Truth+ video service in a recent letter to shareholders.
- Recent speculation caused Trump-related tokens like $TRUMP and $MELANIA to drop in value as confusion grew around official crypto plans.
Trump Media & Technology Group has denied online reports that its social platform, Truth Social, is planning to launch a cryptocurrency meme coin. The company made the announcement on Tuesday, addressing speculation that a coin rollout was about to happen.
In statements shared through social media and quoted by sources such as Truth Social, Donald Trump Jr. said, “There’s no truth whatsoever about Truth Social launching a meme coin. Don’t be fooled by false information people are circulating.” His post came after well-followed digital asset trader Ran Neuner claimed on X that a meme coin would debut within 72 hours.
Despite the clear denial, recent communications with shareholders show some openness to crypto. Last month, Trump Media proposed a rewards program that could use a “utility token” and digital wallet for its Truth+ video streaming platform. According to CEO Devin Nunes, the token might be used initially to pay for Truth+ subscriptions and could extend to other company services in the future.
Meanwhile, World Liberty Financial, another Trump-affiliated crypto venture, warned users to avoid unofficial “fake” projects. In its own X post, World Liberty Financial stated, “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 don’t know better.” Although it markets itself as a decentralized finance, or DeFi, competitor to traditional banks, WLFI currently only offers sales of its own token, which is not yet available for public trading.
Amid these developments, the value of several Trump-affiliated crypto tokens and NFT collections has dropped. According to CoinGecko, the price of $TRUMP dropped 10% to $12.75 in 24 hours, while $MELANIA fell 9% to $0.37.
Questions about Trump’s involvement in cryptocurrency have grown after he announced that holders of the TRUMP token could earn access to a private GALA event on May 22. Watchdog group Accountable.US labeled the initiative “the most nakedly corrupt self-enrichment scheme in U.S. presidential history”, and some lawmakers have called for further investigation into Trump’s crypto-related activities.
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