Truth Social, the social media network owned by Trump Media, has denied it is launching a memecoin following circulating rumors on social media.“Contrary to rumors, Truth Social is not launching a memecoin,” the official Truth Social account posted on its platform. The social media platform is owned by the Trump Media & Technology Group, with US President Donald Trump owning a majority stake in the company.“There’s no truth whatsoever about Truth Social launching a memecoin. Don’t be fooled by false information people are circulating,” Donald Trump Jr., the eldest son of President Donald Trump, stated on X.Truth Social denies rumors that it is launching a memecoin. Source: Truth SocialThe rumors started circulating after influencer Ran Neuner, who hosts the Crypto Banter podcast, tweeted that a Truth Social token will be launched within the next 72 hours and that it appears to be backed by a similar team involved with the launch of the TRUMP token.Cointelegraph reached out to Neuner to find out more about the source of the claim, but did not receive a response by the time of publication.Trump is no stranger to memecoins and crypto plays The US president is known for his pro-crypto stance and has launched his own TRUMP token, while first lady Melania Trump launched a MELANIA token.However, Trump has found himself amid controversies after announcing that the top tokenholders of the TRUMP token will be invited to a special gala dinner on May 22.The move drew criticism from many, including many US senators, who had previously demanded that Trump be impeached for launching the TRUMP token.Related: Trump-linked miner American Bitcoin going public via Gryphon mergerMeanwhile, a Bloomberg report indicated that the vast majority of the top holders of the TRUMP token might not be from the US, sparking concern from US lawmakers.According to the latest data, 220 wallets held more than 13.7 million TRUMP tokens, worth approximately $174 million at the time of publication.While it is unclear who the top holders are, wallets with the names of “Sun” and “elon” appear to reference Tron founder Justin Sun and Tesla CEO Elon Musk, both of whom are Trump supporters.The TRUMP token is down more than 80% after hitting an all-time high of $73.43 on Jan. 19. However, the token is up nearly 14% in the past 7 days and is currently trading at $12.52, according to CoinGecko.Magazine: Finally blast into space with Justin Sun, Vietnam’s new national blockchain: Asia Express