Rumors have been circulating on the internet about the potential launch of a meme coin on Truth Social, a social media platform owned by Trump Media & Technology Group (TMTG), the media and tech company majority-owned by former President Donald Trump.
On May 12, Ran Neuner, founder of Crypto Banter, tweeted that the Truth Social meme coin was set to launch within 72 hours. However, Donald Trump Jr., the former president’s son, quickly dismissed the rumor, calling it ‘false information.’
For context, a meme coin is typically a cryptocurrency that pays homage to internet memes. It’s often created as a spoof of more established cryptocurrencies like Bitcoin.
This isn’t the Trump family’s first foray into meme coins. On January 17, Trump launched the ‘TRUMP’ meme coin on the Solana blockchain, just before his presidential inauguration. The coin saw a significant surge, reaching a record high of $73.43 on January 19. Similarly, Trump’s wife, Melania, launched the ‘MELANIA’ meme coin, which peaked at $13.05 on January 20. However, both coins have since declined in value, with TRUMP trading at $13.98 and MELANIA at $0.415 at the time of writing.
The Trump family has been involved in various crypto projects, including World Liberty Financial and the USD1 stablecoin, which has drawn criticism from Democrats.
TheStreet Roundtable has reached out to Trump Media & Technology Group for comment and will update this story if a response is received.
