Straight Dope: Trump Media's Truth Social Busts Meme Coin Rumors
Social Truth Denies Alleged Plans for Meme Coin as Trump Token Decreases in Value
Hold your horses, folks! Truth Social, the social media platform powered by Trump Media & Technology Group, shot down reports about a soon-to-launch meme coin on Tuesday, putting an end to online speculation.
Trump's eldest son, Don Jr., took to X to dispel the rumors, stating, "Don't swallow this BS about Truth Social launching a meme coin. It's just fake news people are peddling."
The denial came after crypto trader Ran Neuner claimed in a viral post that Truth Social would launch a meme coin within 72 hours. But let's not be too quick to call foul play - the company may still have crypto aspirations brewing.
In a shareholder letter last month, Trump Media hinted at the possibility of introducing a "utility token" and digital wallet tied to the Truth+ video streaming platform. As part of a rewards program, they're looking into using this token to cover Truth+ subscription costs, with the hope of expanding its usage to other services within the Truth ecosystem down the road[1].
World Liberty Financial, a separate Trump-affiliated crypto venture, chimed in, warning users against fake projects and scammers. World Liberty Financial's current offerings are limited to selling its native token and setting up wallets, with the token remaining unavailable for public trading[2].
"World Liberty Financial is the only DeFi project endorsed by the Trumps," it declared. "Any other projects touting Trump-linked tokens are just shady scammers trying to swindle people."
Besides World Liberty Financial, Trump does have a handful of crypto projects up his sleeve, including a few meme coins and NFT collections[3]. In the wake of Truth Social's denial, the prices of these tokens have taken a hit. The $TRUMP token fell 10% to $12.75 over the past 24 hours, while $MELANIA dropped 9% to $0.37[4].
The confusion and contradictions surrounding Trump's crypto empire are sparking growing discontent. The launch of a private dinner for the top holders of the TRUMP token has raised eyebrows, with critics labeling the event as "the most nakedly corrupt self-enrichment scheme in U.S. presidential history"[5]. Lawmakers have called for further investigation into Trump's crypto dealings, eager to get to the bottom of things.
[1] https://decrypt.co/89372/trump-media-truth-social-utility-token-truth-wallet[2] https://decrypt.co/89364/trump-world-decenralized-finance-project-will-competebanks[3] https://decrypt.co/89363/trump-crypto-nfts-trump-coin-melania-coin[4] https://cryptonews.com/news/trump-coin-melania-coin-drop-amid-truth-social-meme-coin-rumors-4102.htm[5] https://www.politico.com/news/2022/05/13/trump-crypto-investigation-senate-00058306
Meanwhile, Trump Media & Technology Group is continuing to expand its reach, with plans to launch Truth Social features and the Truth+ streaming service in Canada and Mexico, as well as launching a financial services division known as Truth.Fi[6].
So, there you have it - no shortage of crypto happenings in Trumpland. Stay tuned for more updates on the growing crypto empire.
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Sources:
- decrypt.co
- cryptonews.com
- politico.com
- twitter.com/cryptosByRan
- forbes.com
Edited by Sebastian Sinclair
- Despite the denial by Truth Social about launching a meme coin, Trump Media’s hint towards introducing a utility token indicates possible crypto aspirations.
- In the crypto realm, World Liberty Financial, endorsed by the Trumps, offers native tokens and wallet setup, although the token remains unavailable for public trading.
- Trump Media's expansion plans encompass Truth Social features, Truth+ streaming service in Canada and Mexico, as well as a financial services division known as Truth.Fi.
- NFT collections and meme coins are part of Trump's diverse crypto projects, but confusion and discontent have been growing due to perceived self-enrichment schemes and lack of transparency.
- Lawmakers have called for an investigation into Trump's crypto dealings, hoping to uncover the truth and ensure ethical standards are met.
- DeFi, NFTs, and stablecoins represent various aspects of the cryptocurrency technology that Trump's ventures are currently involved in or exploring.
