#代币上线与空投 Seeing Trump's media's token airdrop plan this time, a flood of historical shadows flashed through my mind.

The 2017 ICO wave is still vivid—so many projects raised funds under the banner of "distributing tokens to the community," only to end up with nothing. Back then, I also saw many listed companies attempt to "innovate" through tokens, but without exception, they all became examples of cutting leeks. Although DJT's operation on the surface appears regulated—using Crypto.com technology, restricting transfer circulation, clarifying beneficiary eligibility—this logic is all too familiar to me.

The key point is, this isn't a genuine airdrop incentive mechanism, but rather using tokens to "extend the life" of existing shareholders. Giving 1 token for each share held, combined with Truth community discount rights, is essentially a form of bundled locking. I've seen too many cases like this: when a project starts replacing direct cash returns or equity value with tokens, it often means it's searching for new valuation support.

Looking at this in 2024, the environment is indeed different. Regulatory attitudes have changed, and market awareness has deepened. But the trap of investment logic has never changed—always ask: what is the fundamental behind this token? If it's just "I give you a discount," it might just be an old trick in new packaging. The pre-market price increase of 5.8% reflects short-term market expectations, but the real test will come three months later, when the tokens are truly in hand—how will the market price them?

History tells me to beware of projects that treat tokens as fundraising tools rather than ecosystem tools.