Illicit Power through Digital Currency: TRUMP serving as the Administrative Cryptocurrency Token
In a move that has sparked controversy and raised concerns, Freight Technologies, a Texas-based logistics company, has announced its purchase of TRUMP tokens, the memecoin associated with former U.S. President Donald Trump.
The purchase, valued at millions, comes as Freight Technologies aims to become the first publicly traded company to make TRUMP tokens the cornerstone of its digital asset strategy. However, the decision has been met with skepticism, with some viewing it as downright grotesque.
The company's CEO, Javier Selgas, has defended the move, stating that the purchase is to promote fair, balanced, and free trade between the U.S. and Mexico. Yet, the share price of Freight Technologies, as of the latest report, stands at $1.50, a figure that has risen from about one to three dollars and then fallen back, indicating someone has cashed out significantly.
Freight Technologies' financial history paints a troubling picture. Over the last five years, the company's stock price has plummeted by 99.95%, indicating a significant loss of capital for investors. The company has also struggled financially, with a cash flow of minus two million dollars and revenue of $470,000, putting it on the verge of bankruptcy.
The purchase of TRUMP tokens is not the first time Freight Technologies has ventured into the world of cryptocurrency. A month ago, the company issued shares to buy $5.2 million worth of FET tokens, the governance tokens for Fetch.ai, a prominent AI coin.
Meanwhile, the TRUMP token itself has been embroiled in controversy. Beyond being a potential scam from the White House, it has also served as the foundation for a scam one level down.
The involvement of key investors such as Chinese crypto entrepreneur Justin Sun, who invested approximately $18.5 million, and Trump family members, who hold 22.5 billion World Liberty Financial ($WLFI) tokens valued at about $5 billion on paper, has added to the intrigue. However, these tokens are subject to vesting schedules and trading restrictions, so realized gains are not clearly reported yet.
MSNBC has described Trump's move to auction off his presidency through his cryptocurrency as a "revolution in governance or governance tokens." Yet, the purchase by Freight Technologies raises questions about the motives behind this move and its impact on the company's future.
As the story unfolds, it remains to be seen whether Freight Technologies' purchase of TRUMP tokens is a bold move or a desperate attempt to lift the stock price. One thing is clear: the move has certainly added a new layer of intrigue to the world of cryptocurrency and finance.
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