TRUMP Meme Coin Awards $1M to US Businesses Amid Utility Debate
US President Donald Trump's meme coin, TRUMP, awarded $1 million in tokens to 10 American businesses through the America First Business Challenge. The competition, which ran for nearly three months, was announced at Trump's Mar-a-Lago crypto conferences in April.
Out of 616 applications, 36 businesses were approved, and 10 of them received a total of $1 million in rewards. The pot was split into one award of $250,000, six awards of $100,000, and three awards of $50,000.
The challenge required participants to connect a crypto wallet that held TRUMP, which led many to buy the token before being eligible for the grant. This move sparked debate on the real utility of the TRUMP meme coin, which has no payment function or commercial integration, according to its website, GetTrumpMemes.com.
The site states that TRUMP is intended as an expression of support and engagement with the ideals and beliefs embodied by the symbol, not an investment opportunity. The token's price chart shows it is 96.3% below its January 2025 peak, trading at around $2.74 after a recent rally.