Trump Meme Coin Falls Alongside Stock of Logistics Firm That’s Stockpiling It

The stock price of Freight Technologies, a little-known firm specializing in supply chain logistics, were down on Monday, three days after the company said that it was raising money from investors to accumulate U.S. President Freight Technologies’ shares were recently changing hands around $1.50, a 30% decrease, according to The announcement has raised concerns anew about whether the president has used his position to advance his business interests, in this instance providing access for companies and individuals who can afford it. Democratic lawmakers and others have raised this issue repeatedly in recent months.“The Trump administration has set up what is effectively a bribery bucket,” Ryan Grim, a reporter for political blog Freight Technologies and a White House spokesperson did not immediately respond to a request for comment from Decrypt.Over the past seven days, TRUMP’s price has fallen 25.5% to below $11, according to crypto data provider Established in 2015, Freight Technologies said that it had entered into an agreement with an institutional investor, allowing the company to raise up to $20 million by issuing convertible senior notes, according to a Although the president’s meme coin will help Freight Technologies diversify its crypto holdings, the company’s CEO, Javier Selgas, signaled that the firm wanted to purchase millions of dollars worth of TRUMP to have the company’s stance on trade with Mexico be heard.“We believe that the addition of the Official Trump tokens are an excellent way to diversify our crypto treasury, and also an effective way to advocate for fair, balanced, and free trade between Mexico and the U.S.,” he said in a statement.When Trump debuted his meme coin in January, legal scholars raised ethical concerns with the president’s move, Last month, TRUMP’s price popped after the project’s team Freight Technologies has acquired a cryptocurrency before, Edited by James Rubin