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Rumors have been circulating around the Truth Social media network launching a meme coin.

Truth Social is a social media platform owned by Trump Media & Technology Group, or TMTG (Nasdaq: DJT), the media and tech company majority-owned by President Donald Trump .

On May 12, Ran Neuner, founder of the Crypto Banter platform, wrote on X that the Truth Social meme coin is going to launch within the next 72 hours. It seems similar to the Official Trump (TRUMP) meme coin, he added.

Crypto entrepreneur and analyst Wendy O was rather critical of the potential launch, saying that Truth Social launching a meme coin is "silly." Instead, they should just stick to TRUMP, she added. "But in true crypto fashion, by all means keep launching tokens."

A meme coin is a spoof of a mainstream cryptocurrency such as Bitcoin . It is called so because it gives a hat tip to memes that go viral on the internet.

Trump launched the eponymous OFFICIAL TRUMP meme coin on the Solana blockchain on Jan. 17, only three days before his presidential inauguration. It soared over 300% to reach the record high of $73.43 on Jan. 19.

The same day, Trump's wife, Melania, also launched the eponymous MELANIA meme coin. It reached the record high of $13.05 on Jan. 20.

Both the meme coins have tanked since then, with TRUMP and MELANIA trading at $13.98 and $0.415 at the time of writing.

The Trump family is also involved with other crypto projects such as the World Liberty Financial, the USD1 stablecoin, etc., which has drawn criticism from the Democrats.

TheStreet Roundtable has reached out to Trump Media & Technology Group for comment and will update this story if a response is received.