Briefly
Trump Media denied rumors it is going to launch a Reality Social meme coin, calling the claims false.
A shareholder letter final month floated a utility token tied to its Reality+ video platform.
Trump-affiliated tokens like $TRUMP and $MELANIA fell as confusion over crypto plans deepened.
Trump Media & Expertise Group’s social media platform, Reality Social, denied experiences on Tuesday that it’s planning a meme coin, following on-line hypothesis {that a} launch was imminent.
“There’s no reality by any means about Reality Social launching a meme coin. Don’t be fooled by false data 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 broadly shared put up that Reality Social would roll out a meme coin inside 72 hours.
However claims that the corporate has no real interest in launching crypto merchandise might not be fully convincing.
In a shareholder letter final month, Trump Media floated the concept of introducing a “utility token” and digital pockets tied to its upcoming Reality+ video streaming platform.
“As a part of a rewards program, we’re exploring the introduction of a utility token inside a Reality digital pockets that may initially be used to pay for Reality+ subscription prices,” CEO Devin Nunes wrote, including the token might 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 pretend initiatives.
Advertising and marketing itself as a decentralized finance platform that can 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 pretend tokens is only a scammer attempting to make the most of individuals who don’t know higher.”
The Trumps do, nevertheless, produce other crypto initiatives, most notably a number of meme cash and NFT collections.
The previous have seen their costs fall as rumors concerning the Reality 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, based on 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 non-public 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
Each day Debrief Publication
Begin on daily basis with the highest information tales proper now, plus authentic options, a podcast, movies and extra.
