A little-known US logistics company, Freight Technologies Inc., saw its stock price skyrocket over 100% in a single day! What caused this massive jump? Their announcement that they’re buying a bunch of TRUMP tokens – a cryptocurrency associated with Donald Trump – for their treasury.
A Million-Dollar Bet on TRUMP
According to reports, Freight Technologies plans to initially invest $1 million in TRUMP tokens, with the potential to increase that investment to a whopping $20 million. This makes them one of the first publicly traded companies to openly hold a memecoin like TRUMP as a significant part of their assets. It’s a risky move, more of a bet on the hype and name recognition than a traditional investment strategy.
Memecoin Mania? Not So Much.
Interestingly, the price of the TRUMP token itself didn’t react much to this news. This suggests that the market isn’t as excited about the TRUMP coin as it is about Freight Technologies’ decision to buy it. The stock market’s reaction seems to be driven more by the novelty of the move than the inherent value of the cryptocurrency.
Not Their First Crypto Rodeo
Freight Technologies isn’t new to the crypto game. They already own $8 million worth of FET tokens, the cryptocurrency of Fetch.ai, an AI-focused decentralized platform.
Other Companies Take a Different Approach
While Freight Technologies is making waves with its memecoin investment, other companies are taking a more traditional route. Strategy and Metaplanet, for example, are focusing on Bitcoin. Strategy is even planning to raise massive amounts of money to buy even more
Bitcoin. They’re clearly betting on Bitcoin’s long-term stability and growth. Metaplanet is also boosting its Bitcoin reserves./p>