Source: Cointelegraph
Original: “Truth Social, owned by Trump, denies plans to launch a memecoin”
Trump Media's social media network, Truth Social, has officially denied rumors circulating on social media about its plans to launch a memecoin.
"Contrary to market rumors, Truth Social has no plans to launch any memecoin," the official Truth Social account stated clearly on its platform. This social media platform is owned by Trump Media & Technology Group, in which former President Donald Trump holds a controlling interest.
"The rumors about Truth Social launching a memecoin are completely false. Do not be misled by false information spread by others," Donald Trump Jr., the son of former President Trump, stated solemnly on the X platform.
The rumor initially originated from crypto influencer Ran Neuner, host of the "Crypto Banter" podcast, who claimed on Twitter that a Truth Social token would be released within the next 72 hours and suggested that the team behind the project was similar to the team behind the TRUMP token.
Cointelegraph has attempted to contact Neuner for more information regarding this claim but has not received a response as of the time of publication.
Former President Trump is well-known for his clear support of cryptocurrencies; he launched his own TRUMP token project, while First Lady Melania Trump also launched the MELANIA token.
However, Trump's decision to invite top holders of the TRUMP token to a special dinner on May 22 has sparked widespread controversy.
This move has faced criticism from many, including several U.S. senators, who previously called for his impeachment due to the launch of the TRUMP token.
Meanwhile, a recent report from Bloomberg indicated that the vast majority of top holders of the TRUMP token may not be U.S. citizens, a finding that has drawn significant attention from U.S. lawmakers.
According to the latest statistics, there are currently 220 wallets holding over 13.7 million TRUMP tokens, valued at approximately $174 million based on the price at the time of publication.
While the specific identities of the top holders remain unclear, wallets labeled "Sun" and "elon" appear to point to Tron founder Justin Sun and Tesla CEO Elon Musk, both of whom are public supporters of Trump.
Since reaching an all-time high of $73.43 on January 19, the TRUMP token has fallen over 80%. However, according to CoinGecko data, the token has risen nearly 14% in the past week, currently trading at $12.52.
Related: Corporations are the biggest buyers of Bitcoin (BTC) this year, retail investors please stand aside.
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