Simply put
- Trump Media has dismissed allegations regarding the launch of a true social meme coin, deeming them false.
- A shareholder letter from last month hinted at a potential utility token linked to the Truth+ video platform.
- Coin offerings affiliated with Trump, like $Trump and $Melania, have added to the confusion surrounding their crypto strategy.
Truth Social, the social media platform of Trump Media & Technology Group, had to clarify on Tuesday about the rumors suggesting a new meme coin was on the verge of being released.
Donald Trump Jr. stated, “There is absolutely no truth about the truth about launching Memecoin. Don’t be fooled by the misinformation that people are circulating.”
This clarification followed a viral post from Crypto Trader, which claimed that Truth Social would introduce the meme coin within 72 hours.
Despite the buzz, the company insists it has no plans to venture into crypto products.
In a shareholder letter last month, Trump Media did propose the introduction of “utility tokens” and digital wallets as part of future plans for their Truth+ video platform.
“As part of our rewards program, we are looking to introduce utility tokens within our true digital wallets that can be used first to pay for Truth+ subscription costs.”
A world of lies?
World Liberty Financial, which is involved in other Trump-related crypto initiatives, has also cautioned users against fraudulent projects.
The WLFI project is marketed as a decentralized finance platform, competing with banks, involving native token sales and wallet creations. However, these tokens are not for public transactions.
“WLFI is the only debt project supported by Trump,” they claimed. “Others promoting fake tokens are scammers attempting to exploit trusting individuals.”
Interestingly, Trump is connected to other crypto ventures, including several meme coins and NFT collections.
Reports indicate that these tokens saw price declines following the rumors of cancelled meme coins related to Truth Social, with the $Trump Token dropping from $12.75 to about 10% lower in just 24 hours. Meanwhile, $MELANIA fell significantly, reported to be down as much as 9% to $0.37.
The ongoing confusion and inconsistencies regarding Trump’s crypto endeavors have sparked more scrutiny.
Along with the NFT and meme coin initiatives connected to Trump and Melania, the upcoming private dinner invitation for a major Trump token holder has attracted criticism.
Some lawmakers and watchdog organizations have expressed concern, with Accountable.us labeling the event “The most naked, corrupt and self-rich scheme in the history of the US president.”
Legislators are now calling for a deeper investigation into Trump’s crypto activities.
