Donald Trump Jr. Denies the Truth About the Rumor of Launching a Social Memecoin

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Truth Social, owned by Trump Media & Technology Group, has denied rumors of launching a memecoin. The official account of Truth Social posted, "Contrary to rumors, Truth Social is not launching a memecoin." Donald Trump Jr. also dismissed the claims on X ( previously known as Twitter), stating that, "There is no truth to the claim that Truth Social is launching a memecoin. Don't be fooled by the misinformation that people are spreading."

Rumors began after cryptocurrency influencer Ran Neuner, host of the "Crypto Banter" podcast, announced that a Truth Social token would launch within 72 hours. He also suggested that the team releasing this token may be connected to the creators of the TRUMP token. President Trump is very supportive of cryptocurrencies. He introduced the TRUMP token and First Lady Melania Trump introduced the MELANIA token. However, Trump's efforts in cryptocurrency have also sparked much controversy. Recently, Trump announced a dinner for top holders of the TRUMP token on May 22. This move has faced fierce backlash from U.S. senators, who had previously called for his impeachment due to the TRUMP token. A report from Bloomberg indicates that most holders of the TRUMP token may not be from the United States, raising concerns among lawmakers. According to the data, 220 wallets containing over 13.7 million TRUMP tokens are valued at approximately 174 million dollars. The names of the wallets such as "Sun" and "elon" suggest support from Justin Sun and Elon Musk. The TRUMP token, which was at $73.43 in January, has now declined by over 80% and is currently trading at $12.52. Despite the drop, it has risen nearly 14% in the past week, according to CoinMarketCap. Despite the ups and downs in the cryptocurrency space, the latest rumors about the memecoin Truth Social have now been debunked, easing the confusion in the cryptocurrency community.

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