Briefly
- Trump Media denied rumors it is going to launch a Fact Social meme coin, calling the claims false.
- A shareholder letter final month floated a utility token tied to its Fact+ video platform.
- Trump-affiliated tokens like $TRUMP and $MELANIA fell as confusion over crypto plans deepened.
Trump Media & Know-how Group’s social media platform, Fact Social, denied experiences on Tuesday that it’s planning a meme coin, following on-line hypothesis {that a} launch was imminent.
“There’s no fact by any means about Fact Social launching a meme coin. Don’t be fooled by false info individuals are circulating,” Donald Trump’s eldest son, Donald Trump Jr., posted on X.
The denial got here after crypto dealer Ran Neuner claimed in a now extensively shared submit that Fact Social would roll out a meme coin inside 72 hours.
However claims that the corporate has little interest in launching crypto merchandise might not be completely convincing.
In a shareholder letter final month, Trump Media floated the thought of introducing a “utility token” and digital pockets tied to its upcoming Fact+ video streaming platform.
“As a part of a rewards program, we’re exploring the introduction of a utility token inside a Fact digital pockets that may initially be used to pay for Fact+ subscription prices,” CEO Devin Nunes wrote, including the token may finally be used throughout different Trump Media companies.
A world of lies?
World Liberty Monetary—a separate Trump-affiliated crypto enterprise—additionally chimed in, warning customers in opposition to faux tasks.
Advertising itself as a decentralized finance platform that may compete with conventional banks, WLFI’s choices are restricted to promoting its native token and establishing wallets. The token stays unavailable for public buying and selling.
“WLFI is the one DeFi challenge backed by the Trumps,” it mentioned. “Anybody else pushing faux tokens is only a scammer attempting to benefit from individuals who don’t know higher.”
The Trumps do, nonetheless, produce other crypto tasks, most notably a number of meme cash and NFT collections.
The previous have seen their costs fall as rumors in regards to the Fact Social meme coin have been quashed. The $TRUMP token fell 10% to $12.75 over the previous 24 hours, whereas $MELANIA dropped 9% to $0.37, in accordance with CoinGecko.
Confusion and contradictions round Trump’s increasing crypto empire are prompting rising backlash.
Alongside Trump and Melania-linked NFT collections and meme cash, scrutiny spiked after Trump introduced that the highest holders of the TRUMP token could be invited to a personal dinner and reception on Could 22.
The leaderboard-based gala entry has triggered warnings from lawmakers and watchdog teams. Accountable.US referred to as the occasion “essentially the most nakedly corrupt self-enrichment scheme in U.S. presidential historical past.”
Lawmakers have referred to as for additional investigation into Trump’s crypto dealings.
Edited by Sebastian Sinclair
Day by day Debrief Publication
Begin each day with the highest information tales proper now, plus unique options, a podcast, movies and extra.