World Liberty Financial (WLFI) has denied rumors regarding the development of a memecoin linked to Truth Social and urged investors to be cautious.
What Did WLFI Announce About These Rumors?
WLFI issued a statement via the social media platform X confirming that it has no involvement with any alleged memecoin or NFT marketplace projects associated with Truth Social. The company urged the public to disregard circulating rumors, emphasizing that it is the only legitimate crypto venture connected to the Trump family.
Is the TRUMP Memecoin Facing Market Challenges?
The 'OFFICIAL Trump (TRUMP)' memecoin has experienced a significant decline in the market, dropping over 10% in just one day to a price of $12.65. Although the token had reached an impressive peak of $80 earlier this year, it has plunged by 85% since mid-April. Recently, the TRUMP memecoin has seen a 16% increase over the past week and a notable 46% rise in a month. Trading volumes have doubled to $2.38 billion.
Safety Recommendations for Investors
Financial specialists highlight the importance of vigilance regarding projects lacking verification. The rapid spread of rumors on social media can lead to the promotion of dubious tokens. Investors are advised to monitor official statements and scrutinize project documentation to ensure security while navigating the crypto landscape.
WLFI's statement clearly delineates their official stance, mitigating possible misinformation spread. As the digital currency market continues to fluctuate, staying informed through reliable resources and announcements becomes essential for potential investors.
