Social Truth Denies Plans for Meme Coin Launch, Dissipates Speculation
Truth Social, the platform once spearheaded by none other than former President Donald Trump, was the talk of the town when rumors circulated about an upcoming meme coin launch. But hold your horses, folks, because it seems those rumors were just that — rumors.
The spark ignited on Monday, courtesy of Ran Neuner, creator of Crypto Banter. Neuner posted a tweet that sent ripples through the crypto community, hinting that the Truth Social meme coin was about to drop in the next 72 hours. The tweet garnered attention from meme coin traders, Trump-themed token enthusiasts, and more.
Many hoped the new coin would mirror the success of the TRUMP coin, which had a moment in the spotlight during the US election season. But a chorus of denials came from all corners associated with President Trump themselves. Truth Social was the first to shut down the speculation, and World Liberty Financial—the Trump family's decentralized finance (DeFi) project—followed suit, labeling the rumors as nonsense and urging people to stay away from fraudsters who wanted to take advantage of unsuspecting individuals.
Donald Trump Jr., the president's son, chimed in, emphasizing there was no truth whatsoever about Truth Social launching a meme coin. He, too, warned of misleading information and advised caution. In response to the backlash and clarifications from official sources, Neuner acknowledged the denials and affirmed he had been misled as well.
Despite the denials putting a damper on the meme coin excitement, some confusion lingered. Truth Social's Twitter handle appeared with the tag "$DJT." This detail fueled speculation that DJT, which represents the Trump Media & Technology Group's stock ticker, could potentially be construed as a cryptocurrency symbol.
Truth Media, however, has not communicated any official timeline or formal announcement regarding the launch of a cryptocurrency—meme coin or otherwise. But, TMTG's CEO and Chairman, Devin Nunes, has expressed a desire to expand digital offerings and explore monetization opportunities for Truth+. Part of their expansion includes the potential launch of a token to create a internal economy within their media properties.
In adherence with the Trust Project guidelines, this article aims to provide clear and accurate information. However, as always, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
[1] Truth Social continues to explore launching TRUTH Token (TRUTH) and migrating its web version to the blockchain in 2022, according to the latest TRUTH Network Inc. update.
[2] TMTG’s CEO, Devin Nunes, had previously mentioned hinted at a potential utility token for Truth+ in an interview with Frank Speech.
[3] In response to speculations, Trump Media & Technology Group stated that they're focused on building out social media and payment systems. However, as of now, they haven't declared any plans for memecoins or cryptocurrencies.
[4] Devin Nunes had acknowledged the rich potential of integrating blockchain technology to facilitate settlements between creators and users within the Truth ecosystem.
[5] Truth Social clarified that their new token, to be used for subscription payments, would not be a memecoin.
- Rumors swirled about Truth Social launching a meme coin, but Trump Social and World Liberty Financial denied these claims, urging people to avoid fraudsters.
- Ran Neuner, creator of Crypto Banter, initially hinted at an upcoming meme coin launch from Truth Social, which sparked excitement in the crypto community.
- Donald Trump Jr. also emphasized there was no truth to the rumors about Truth Social launching a meme coin and warned of misleading information.
- Truth Social is reportedly planning to launch TRUTH Token (TRUTH) and migrate its web version to the blockchain in 2022.
- In an interview with Frank Speech, TMTG’s CEO, Devin Nunes, had hinted at a potential utility token for Truth+.
- Trump Media & Technology Group has not announced any plans for memecoins or cryptocurrencies as of now; they are focused on building out social media and payment systems.
- Devin Nunes acknowledged the potential of integrating blockchain technology to facilitate settlements within the Truth ecosystem.
- Truth Social's new token, intended for subscription payments, will not be a memecoin, according to the platform's clarification.
