Trump-Linked Truth Social Refutes Rumors of a Memecoin Launch
- Truth Social and Donald Trump Jr. denies launching a memecoin, calling online rumors false and misleading.
- TRUMP token is held in 220+ wallets, valued around $174 million, despite steep price drop.
- Trump to host gala dinner near Washington, D.C. on May 22 for the top 220 token holders.
Truth Social, the platform owned by Trump Media & Technology Group, has responded to growing online speculation with a clear denial about any involvement in launching a new memecoin. A post from the official Truth Social account said, Contrary to rumors, Truth Social is not launching a memecoin.
Donald Trump Jr. echoed this message on X, making it clear that there was no truth whatsoever to the claim. He warned users, Dont be fooled by false information people are circulating. The statements come in the wake of multiple social media posts and discussions in crypto circles suggesting otherwise.
A large part of the confusion seems to have started when crypto podcaster Ran Neuner claimed a Truth Social token would be launched within 72 hours. He also suggested that the team behind the launch had ties to those behind the TRUMP token.
Crypto Speculation Triggers Mixed Reactions
Crypto influencer Wendy O called the idea silly, questioning why Truth Social would need another coin when the TRUMP token already exists. Melania Trump has also created her own MELANIA token, further fueling interest in crypto ventures tied to the Trump name.
According to the latest data, the TRUMP token is held in over 220 wallets, which collectively possess more than 13.7 million tokens. At the time of the writing, the tokens were worth approximately $174 million.
Interest in the token isnt just digital. A promotional contest linked to the $TRUMP meme coin gave its top 220 holders a special incentive a gala dinner invitation with Donald Trump. The top 25 participants were promised a private VIP reception and tour, alongside access to the event at his private golf club near Washington, D.C., on May 22.
Trump Token Contest Draws Millions
The contest ran from April 23 to May 12 and ranked participants based on time-weighted holdings of the $TRUMP token. The final top 220 holders accounted for a combined value of $147,586,796.41 worth of tokens, according to data from Inca Digital, a crypto intelligence firm.
An announcement from the website GetTrumpMemes.com congratulated the winners and confirmed the dinner event. It read: Congratulations, if youre in the top 220 on the leaderboard President Trump will see YOU on May 22 at the Gala Dinner in Washington D.C.
Despite recent interest, the TRUMP token has seen a major drop from its all-time high. It peaked at $75.35 on January 19, but has since fallen by over 82%. Even so, it managed to rebound by 23.33% in the past week and is now trading at $12.91, according to CoinMarketCap.
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Read more: https://www.tronweekly.com/trumps-truth-social-not-launching-memecoin/
Text source: TronWeekly
