Trump Pays 10 US Businesses With His Meme Coin. Real Utility or Fake Pump?
US President Donald Trump's meme coin just rewarded $1 million worth of tokens to 10 American businesses. It was part of the America First Business Challenge, which ran for nearly 3 months.
The competition was announced back in April at the President's Mar-a-Lago crypto conferences. Around 616 businesses applied for it, and 36 were approved. Now, 10 of them are walking away with a million dollars.
This could be the first time a meme coin was used for a business grant at such scale. But there's a big twist here.
Back in April, the 36 businesses had to buy the TRUMP meme coin before they were eligible for the grant. So, buy TRUMP and then get TRUMP back in rewards?
The pot is split into one award of $250,000, six of $100,000, and three of $50,000. No winner gave up a share of their company.
There was one condition on voting. Participants had to connect a crypto wallet that held TRUMP. That turned the contest into a reason to buy. Ahead of the Mar-a-Lago event that launched it, whale wallets holding TRUMP climbed to a five-month high.
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