Donald John Trump Jr. posted on X, stating that there is no truth in the launch of a memecoin by Truth Social.
The rumors ignited after the host of the Crypto Banter podcast, Ran Neuner, posted on X that a Truth Social token will be introduced in the next 72 hours. Trump Media’s social media network, Truth Social, has rejected the rumours of the launch of a memecoin by the platform, surfacing on social media. The official Truth Social account posted on its platform, denying the rumours, Truth Social is not introducing a memecoin.
Truth Social is owned by Trump Media and Technology Group, and the President of the United States, Donald Trump, has a majority stake in the firm. Donald John Trump Jr. posted on X, stating that there is no truth in the launch of a memecoin by Truth Social. He also warned not to get fooled by false information circulated by the people. The rumors ignited after the host of the Crypto Banter podcast, Ran Neuner, posted on X that a Truth Social token will be introduced in the next 72 hours and that it seems to be supported by the same team that has launched the TRUMP token.
Trump’s Criticism of Launching His Token
However, Neuner remains silent on the matter. Donald Trump was behind the launch of the TRUMP token, and at the same time, his wife, Melania Trump, launched the MELANIA token. Trump came into the limelight after he announced a special dinner on May 22 for the top token holders of his memecoin. Many market members criticized the move, who had so far demanded that Trump be held accountable for introducing the TRUMP token.
The latest data reveals that around 220 wallets held over 13.7 million TRUMP tokens, whose worth is estimated to be $174 million. The top holders of the token are Sun and Elon, and the people are connecting the dots with Tron founder Justin Sun and Elon Musk. However, it is not clear if the said assumed names are true. On January 19, the token hit an all-time high of $73.43 and is 80% down since then. At the time of writing, it is trading at $12.76, around 10.93% down in the past 24 hours.