Author
Sujha Sundararajan
Author
Sujha Sundararajan
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Trump-owned social media platform, Truth Social, has dismissed widespread rumors regarding a new memecoin launch, flagging it a fake news.
“Contrary to rumors, Truth Social is not launching a memecoin,” Truth Social posted on Tuesday.
The Trump-linked memecoin buzz started first when TV host Ran Neuner shared on X that Truth Social is launching a memecoin in the next 72 hours. Neuner serves as the host of Crypto Trader on CNBC and hosts the Crypto Banter podcast.
“Seems like similar gang to $TRUMP team,” his post read. “Keep your eyes and eyes peeled.”
His claim quickly gained attention across the crypto community, with users speculating on the new memecoin. One crypto influencer Wendy O called the new memecoin launch “silly.” Instead, the team “should just use TRUMP,” she added.
WLFI, Trump Jr. Debunk New Memecoin Rumor
Shortly after the rumor gained traction in the crypto community, Donald Trump Jr., the eldest son of President Donald Trump, posted on X, warning community not to be fooled by such fake posts.
“There’s no truth whatsoever about Truth Social launching a memecoin. Don’t be fooled by false information people are circulating,” he wrote.
Additionally, WLFI, the Trump family-backed crypto project, clarified that it is the only legitimate DeFi project affiliated to President Trump.
WLFI emphasized that all other tokens claiming to have ties to Trump are scams, “trying to take advantage of people who don’t know better.”
“Don’t be fooled. There is no new Trump crypto project. WLFI is the only DeFi project backed by the Trumps.”
Official Trump Coin Sees Optimism, Up 17% Since Last Week
The pro-crypto president launched his own TRUMP token on the Solana blockchain in Jan, while first lady Melania Trump launched a MELANIA memecoin.
Both the memecoins have tanked since then, with TRUMP and MELANIA trading at 12.77 and 0.374 at press time.
The Official Trump token has shown strength with 17% surge over the past week, and 49.7% gains on the monthly chart, according to coinmarketcap data.
However, the daily trading of TRUMP memecoin is down by nearly 10%, the data revealed. Upon launch of the token early this year, TRUMP surged to a staggering $80, before losing 85% of its value in March.
