Trump Jr. shuts down rumors of launching Truth Social memecoin
Despite warnings and clarifications from Trump family, speculators still jumped on fake 'Truth Social memecoin' tokens.
- The Trump family denied rumors of launching a Truth Social memecoin.
- However, several memecoins bearing the name were launched on Solana and BNB Chain.
Donald Trump Jr. has denied claims that the Trump family’s social media, Truth Social, would be launching a memecoin.
“There’s no truth whatsoever about Truth Social launching a memecoin. Don’t be fooled by false information people are circulating.”
The ‘false’ Truth Social memecoin launch was first shared by another market watcher, Ran Neuner.
Neuner claimed that the memecoin would debut by the 15th of May and would be backed by the same team behind the Official Trump [TRUMP] memecoin.
Trump family crypto ventures
The Trump family-backed DeFi project, World Liberty Financials (WLFI), voiced a similar warning to the community.
“Don’t be fooled. There is no new Trump crypto project. WLFI is the only DeFi project backed by the Trumps. Anyone else pushing fake tokens is just a scammer trying to take advantage of people who don’t know better.”
Some community members appreciated the heads-up, noting that they would have been scammed without the clarification.
Despite the clarification, some speculators still jumped on several tokens with similar ‘Truth Social memecoin’ names on Solana [SOL] and BNB Chain. According to DEX data tracker Gecko Terminal, there were over 10 pools of similarly named memecoin.
Some tokens, created in the past 24 hours, were up triple or quadruple digits, but some were also down over 90%. In short, some speculators hit major gains while others were rugged.
That said, the Trump family has expanded ventures in the crypto industry, including interest in Bitcoin [BTC] mining, via American Bitcoin.
However, the official TRUMP memecoin and WLFI’s stablecoin (USD1) have been the most controversial ventures in the sector.
In fact, the Democrats, led by Senator Elizabeth Warren, referenced these two ventures for their hardline stance against the Senate stablecoin bill.
There is no doubt that the Trump administration has been a great regulatory relief for the crypto industry, especially after Biden-era enforcement actions by the SEC (Securities and Exchange Commission).
However, the Trump family’s crypto projects have also sparked conflict of interest claims that might stall other key bills, like the market structure bill.
