Truth Social Shuts Down Meme Coin Rumors as Trump Token Tanks
Truth Social scrambles to distance itself from speculative crypto ventures—just as the MAGA-themed token takes a nosedive. Because nothing says ’stable investment’ like a political meme coin.
The platform denies any involvement with digital assets, leaving bagholders to wonder if their next pump will come from a tweet or a subpoena.
A world of lies?
World Liberty Financial—a separate Trump-affiliated crypto venture—also chimed in, warning users against fake projects.
Marketing itself as a decentralized finance platform that will compete with traditional banks, WLFI’s offerings are limited to selling its native token and setting up wallets. The token remains unavailable for public trading.
“WLFI is the only DeFi project backed by the Trumps,” it said. “Anyone else pushing fake tokens is just a scammer trying to take advantage of people who don’t know better."
The Trumps do, however, have other crypto projects, most notably several meme coins and NFT collections.
The former have seen their prices fall as rumors about the Truth Social meme coin were quashed. The $TRUMP token fell 10% to $12.75 over the past 24 hours, while $MELANIA dropped 9% to $0.37, according to CoinGecko.
Confusion and contradictions around Trump’s expanding crypto empire are prompting growing backlash.
Alongside Trump and Melania-linked NFT collections and meme coins, scrutiny spiked after Trump announced that the top holders of the TRUMP token WOULD be invited to a private dinner and reception on May 22.
The leaderboard-based Gala access has triggered warnings from lawmakers and watchdog groups. Accountable.US called the event "the most nakedly corrupt self-enrichment scheme in U.S. presidential history."
Lawmakers have called for further investigation into Trump’s crypto dealings.
Edited by Sebastian Sinclair
