Rumors of Donald Trump’s social media platform, Truth Social, launching its memecoin have been gathering steam recently. Putting them to rest, DeFi project World Liberty Financial (WLFI) has clarified that there’s no such project in development, and investors should stay vigilant regarding any such meme coins floating in the market.
World Liberty Financial Clarifies Stance on Truth Social Memecoin
Donald Trump’s DeFi project World Liberty Financial has issued a firm statement to debunk rumors surrounding a new memecoin allegedly linked Trump’s social media platform Truth Social. The rumor was that the Trump team would unveil the ‘Trump Points’ NFT marketplace, a platform designed for buying and selling NFTs. But WLFI has rejected any such developments.
“Don’t be fooled. There is no new Trump crypto project,” the organization stated on its official X channel. WLFI emphasized that it remains the only legitimate DeFi project with ties to the Trump family. World Liberty Financial, on the other hand, continues with its crypto acquisition, loading up Ethereum (ETH) just ahead of the pump.
WLFI has further warned investors to stay cautious of fraudulent tokens promoted under the guise of Trump-related initiatives. “Anyone else pushing fake tokens is just a scammer trying to take advantage of people who don’t know better,” WLFI cautioned. Donald Trump Jr., who’s leading the WLFI project, also clarified, noting:
“There’s no truth whatsoever about Truth Social launching a memecoin. Don’t be fooled by false information people are circulating.”
OFFICIAL Trump Memecoin Cracks 10%
On the other hand, the OFFICIAL Trump (TRUMP) memecoin is down more than 10% today, and is currently trading at $12.65, with its market cap slipping to $2.53 billion. Upon launch earlier this year in January, the TRUMP memecoin gained huge traction initially, surging all the way to $80. However, it lost 85% of its value by mid-April, hitting a low of under $10.
Now, TRUMP memecoin is once again showing strength with 16% upside over the past week, and 46% gains on the monthly chart. Also, the daily trading volume for TRUMP has shot 100% to $2.38 billion.
Donald Trump has shown his strong interest in the crypto market, by recently launching USD1 stablecoin, which gained massive traction in early May.
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Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
