Donald Trump-linked Truth Social rumored to enter memecoin mania

Reports have surfaced that Truth Social, the social media platform owned by the Trump family, is launching a memecoin. TV host Ran Neuner shared the information on X, noting that it will launch in 72 hours.

Neuner, who serves as the host of Cryptotrader on CNBC, added that the team behind TRUMP memecoin is also behind this particular launch.

He said:

“Truth Social Memecoin launching in next 72 hours. Seems like similar gang to $TRUMP team. Keep your eyes and eyes peeled.”

However, the social media personality and Cryptobanter did not provide any additional information about the token or include any source that would verify the authenticity of his information.

With no sources to confirm authenticity, the post has started generating chatter in the crypto community. Most reactions have been disbelief or curiosity. Some people question whether the report is true, while others have concluded it is another rumor.

Those who believe it to be true refer to a post by President Trump on Truth Social where he said, “my next TRUTH will be one of the most important and impactful I have ever issued. ENJOY!.”

Still, there are people excited by the prospect of a new memecoin linked to the Trump family. This group is interested in which blockchain network the token would launch on, likely in an attempt to take early advantage when it finally launches. Networks for the launch with Solana, Tron, and BNB Smart Chain have been mentioned.

Meanwhile, most people appear disappointed by the plan, which they believe will only lead to further liquidity drain in the crypto market.

Crypto entrepreneur Lark Davis posted:

“And here comes the liquidity extraction… ffs …”

Others also worry that this memecoin, if launched, could mark the end of the current market resurgence. One user noted “Well, at least we had a WHOLE WEEK of bull run. See you in half a year.” This is in reference to how the launch of TRUMP and MELANIA memecoins in January preceded the market decline that saw BTC drop to $74,000 by March.

Trump Media has talked about launching a utility token

Meanwhile, this is not the first time that talks of a token launch connected to Truth Social will make the news. In fact, Trump Media & Technology Group, the public company that owns Truth Social, said in its recent shareholders letter that it is exploring the introduction of a token.

However, it stated that it would be a utility token that can be used for multiple purposes within the Truth Social ecosystem.

It said:

“As part of our rewards program, we’re exploring the introduction of a utility token with a Truth digital wallet that can initially be used to pay for Truth+ subscription costs and later be applied to other products and services in the Truth ecosphere.”

However, a utility token is completely different from a memecoin. Memecoins, by nature, are worthless tokens without any utility or value and serve only speculation purposes.

Trump crypto interests

Meanwhile, launching a new memecoin affiliated with Trump will likely generate a lot of controversy in the crypto and political community. Although the President is not directly involved in the operations of Truth Social, he is the majority owner of Trump Media & Technology Group.

These affiliations mean the launch of a memecoin by the company will directly benefit him, adding to concerns about a conflict of interest between the President and the crypto industry. It would also mark the first time a memecoin affiliated with a sitting US president is launched. TRUMP and MELANIA launched before the inauguration.

Nevertheless, if the report is true, the ethical concerns and potential controversy may not prevent the memecoin from launching. The Trump family is already connected to several crypto projects, from Defi protocol and memecoins to NFTs.

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