Trump Jr. Refutes Truth Social Memecoin Speculations Amid Family's Growing Crypto Ventures

The social media platform Truth Social, associated with the former US President Donald Trump, has no intentions to introduce a memecoin.

On May 13, Donald Trump Jr. refuted the rumors, stating:

“There’s absolutely no truth to the idea of Truth Social launching a memecoin. Don’t get misled by the misinformation spread by others.”

World Liberty Financial (WLFI), a decentralized finance venture linked to the Trump family, echoed Trump Jr.’s comments. The organization confirmed that there are no plans for a new cryptocurrency initiative associated with Trump.

It asserted:

“Beware of misleading claims. There is no new cryptocurrency project related to Trump. WLFI remains the sole DeFi project endorsed by the Trump family. Anyone else promoting bogus tokens is simply a scam artist taking advantage of the uninformed.”

This clarification addressed speculation from popular crypto influencer Ran Neuner, who hinted on social media about an impending Truth Social memecoin.

Neuner stated:

“Expect the Truth Social Memecoin to launch in the next 72 hours. Looks like a similar group to TRUMP team.”

The Trump family’s response has dispelled the growing misinformation circulating online.

Trump’s expanding crypto involvement

While a memecoin from Truth Social seems unlikely, the rumors indicate an increasing interest in cryptocurrencies from Trump’s circle.

Recently, Trump Media and Technology Group (TMTG), the parent company of Truth Social, announced its exploration of broader cryptocurrency integrations.

CEO Devin Nunes expressed intentions for a ‘native utility token’ and a digital wallet for their video streaming service, Truth+. This token could facilitate subscription payments and extend to additional services on the platform.

[It’s worth noting that while the TRUMP token may be categorized as a memecoin, it has particular utility since holders can gain direct access to the President. Investing a sufficient amount in the token allows for this level of access.]

The Truth+ token aims to serve a function in the ‘Truth ecosystem’ for payments but might also experience price volatility akin to a memecoin given the enthusiasm of Donald Trump’s followers. Therefore, it remains uncertain if the token mentioned by Nunes is still under consideration.]

TMTG has also teamed up with Crypto.com and Yorkville America to create a new set of exchange-traded funds. These will combine traditional assets and cryptocurrencies such as Bitcoin and Cronos (CRO), reflecting the company’s increased commitment to digital finance.

These upcoming projects showcase the expanding connection between Trump and the cryptocurrency industry over the past year.

Formerly skeptical of Bitcoin, Trump has transformed into a prominent advocate for digital assets, participating in numerous crypto initiatives. He was the first US presidential candidate to accept Bitcoin donations in his latest campaign.

His engagement surpasses campaign funding; Trump has released multiple NFT collections and supported WLFI as a decentralized finance endeavor.

Upon returning to political office, he appointed several advocates for cryptocurrency to prominent government positions, including SEC Chair Paul Atkins and Howard Lutnick as Secretary of Commerce.