BlockBeats News: On April 30th, President Trump's "Trump Media Technology Group" (DJT) plans to launch a local utility token and digital wallet as part of a broader monetization strategy for Truth Social and Truth+streaming platforms. After the news was released, the TRUMP Meme token plummeted by 11%, a 70% decrease from its historical high.
The Trump DJT Group stated in a letter to shareholders on Tuesday: "As part of our reward program, we are exploring the introduction of a utility token in the Truth digital wallet, which can initially be used to pay for Truth subscription fees and later be used for other products and services in the Truth ecosystem. ''
In addition, the project plans to allocate $250 million from its $777 million cash reserve for blockchain integration, including increasing holdings of Bitcoin and other encrypted assets. The company has previously collaborated with institutions such as Crypto.com and Yorkville America Digital to launch a "Made in America" themed crypto and stock hybrid ETF under the fintech brand Truth. Fi.
Although Trump has not officially abandoned the TRUMP Meme token, the launch of the platform's self built token has triggered panic selling among investors, and the market value of the Meme token has fallen from a peak of $8.8 billion to $2.6 billion. Analysis suggests that this move marks a strategic shift for the Trump camp from "Meme hype" to "practical blockchain applications".
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