Trump Media airdrops shareholder tokens, but TRUMP tokens decline. Why is the market indifferent?

January 22 News, Trump Media announced that on February 2, 2026, it will distribute airdropped digital tokens to all shareholders holding at least one share of DJT stock. This marks a key step in its blockchain rewards system. The company has close ties to U.S. President Trump and operates social platform Truth Social, fintech product Truth.Fi, as well as prediction market Truth Predict and streaming service Truth+. The tokens will be used in conjunction with discounts, membership benefits, and exclusive offers related to these products.

The plan was first announced in 2025 and is now in the implementation phase. The company emphasizes that these tokens are solely for user incentives and rights distribution and do not represent any equity or profit rights. Therefore, they are not securities and do not constitute tokenized stocks. Devon Nunes, CEO of Trump Media, stated that the design has been referenced against U.S. regulatory frameworks, aiming to enhance shareholder engagement and platform stickiness within a compliant framework.

On the technical level, Trump Media will use blockchain-based infrastructure to mint and custody these reward tokens, distributing them periodically to DJT shareholders. This approach is seen as a new attempt to combine “equity + on-chain incentives,” trying to connect traditional publicly listed companies with digital asset systems while avoiding compliance risks associated with securities.

However, the market’s initial reaction was not optimistic. After the announcement, the official TRUMP memecoin experienced a noticeable correction, with its price dropping from $5.8 to around $5, a short-term decline of about 4%. Investors gradually realized that the airdropped tokens are not TRUMP memecoin and are not directly related to WLFI, which is supported by the Trump family, thus not providing additional value support for existing tokens.

The current price hovers around $4.9, indicating that the market is re-evaluating the narrative space for TRUMP tokens. Nevertheless, this blockchain-based shareholder incentive model promoted by Trump Media is still regarded as one of the important cases of digital assets integrating with traditional capital markets in 2026. Especially in the context of rapid development of tokenization and on-chain rights, its potential impact remains worth continuous attention.