Reality Social, the social media community owned by Trump Media, has denied it’s launching a memecoin following circulating rumors on social media.
“Opposite to rumors, Reality Social will not be launching a memecoin,” the official Reality Social account posted on its platform. The social media platform is owned by the Trump Media & Know-how Group, with US President Donald Trump proudly owning a majority stake within the firm.
“There’s no reality in anyway about Reality Social launching a memecoin. Don’t be fooled by false info individuals are circulating,” Donald Trump Jr., the eldest son of President Donald Trump, acknowledged on X.
The rumors began circulating after influencer Ran Neuner, who hosts the Crypto Banter podcast, tweeted {that a} Reality Social token will probably be launched throughout the subsequent 72 hours and that it seems to be backed by an identical crew concerned with the launch of the TRUMP token.
Cointelegraph reached out to Neuner to seek out out extra concerning the supply of the declare, however didn’t obtain a response by the point of publication.
Trump isn’t any stranger to memecoins and crypto performs
The US president is thought for his pro-crypto stance and has launched his personal TRUMP token, whereas first woman Melania Trump launched a MELANIA token.
Nonetheless, Trump has discovered himself amid controversies after saying that the highest tokenholders of the TRUMP token will probably be invited to a particular gala dinner on Could 22.
The transfer drew criticism from many, together with many US senators, who had beforehand demanded that Trump be impeached for launching the TRUMP token.
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In the meantime, a Bloomberg report indicated that the overwhelming majority of the highest holders of the TRUMP token may not be from the US, sparking concern from US lawmakers.
Based on the most recent knowledge, 220 wallets held greater than 13.7 million TRUMP tokens, value roughly $174 million on the time of publication.
Whereas it’s unclear who the highest holders are, wallets with the names of “Solar” and “elon” seem to reference Tron founder Justin Solar and Tesla CEO Elon Musk, each of whom are Trump supporters.
The TRUMP token is down greater than 80% after hitting an all-time excessive of $73.43 on Jan. 19. Nonetheless, the token is up practically 14% previously 7 days and is at the moment buying and selling at $12.52, in keeping with CoinGecko.
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