Truth Social Denies Rumors of Memecoin Launch

Truth Social, owned by Trump Media & Technology Group (TMTG), has officially and strongly denied rumors that the platform is about to launch a new memecoin. These rumors have spread widely on social media in recent days, prompting Truth Social to label them as "fake news." Where did the rumor start? It all started when Ran Neuner, the founder of the Crypto Banter platform, posted on X (Twitter) that a token related to Truth Social might be launched within the next 72 hours. Neuner also compared this rumored token to the TRUMP memecoin – a cryptocurrency that has existed and caused much controversy due to its association with the public image of former President Donald Trump. Shortly after, Truth Social issued an official statement on its platform. "Contrary to rumors, Truth Social is not launching any memecoins." The company emphasized that there are no cryptocurrency projects being implemented and called the rumors "completely false." Donald Trump Jr. speaks out to refute. The son of former President, Donald Trump Jr., also quickly denied the information. On his X account, he wrote: "There is no truth to the claim that Truth Social is launching a memecoin. Don't be fooled by the false information that is being spread." Token related to Trump and political influence Although Truth Social denies any connection with memecoin, the relationship between former President Trump and the world of cryptocurrency continues to attract attention. The TRUMP token, which is currently being traded, has sparked much controversy – especially after Trump’s campaign announced that those who own a large amount of this token will be invited to a luxurious dinner on May 22. This information has led many American senators to criticize, claiming that this is a behavior of questionable ethics. Some have even called for an impeachment inquiry against Trump, arguing that he is profiting from his political position through cryptocurrency. Impact on the legislative process The scandal has also directly impacted the progress of the GENIUS Act – a federal bill aimed at establishing national regulations for stablecoins. Despite bipartisan support, the bill was not passed this week. Senator Jeff Merkley (Democrat – Oregon) stated: "An individual may seek to exert political influence by enriching Mr. Trump through the purchase of cryptocurrencies that he owns or controls. This is extremely misleading and poses a risk to public trust." Conclusion In the context of growing concern among public opinion and lawmakers about the intersection of cryptocurrency and politics, Truth Social's denial statement is seen as an effort to mitigate damage to its image and distance itself from controversies related to memecoin and tokens associated with former President Donald Trump. However, observers believe that the connection between Trump and the cryptocurrency space will continue to be a focal point of political debate in the near future.