On April 29, 2025, at approximately 10:30 AM EST, Crypto Rover reported via Twitter that Truth Social, the social media platform associated with former President Donald Trump, is exploring the launch of a utility token and a digital wallet for subscriptions and rewards, as revealed in a shareholder letter (Source: Twitter - Crypto Rover, April 29, 2025, 10:30 AM EST). This groundbreaking announcement has sent ripples through the cryptocurrency market, particularly among tokens tied to decentralized social media and utility-based projects. As of 11:00 AM EST on the same day, Bitcoin (BTC) saw a modest uptick of 1.2%, trading at $68,450 on Binance, while Ethereum (ETH) gained 0.8%, reaching $3,280 (Source: Binance Live Data, April 29, 2025, 11:00 AM EST). More notably, tokens associated with social media platforms like Steem (STEEM) surged by 5.3%, trading at $0.28 on Upbit, and Hive (HIVE) climbed 4.7% to $0.32 on Binance (Source: Upbit and Binance, April 29, 2025, 11:15 AM EST). Trading volume for STEEM spiked by 38% within two hours of the news, recording over $12 million in transactions, while HIVE saw a 29% volume increase to $8.5 million (Source: CoinMarketCap, April 29, 2025, 12:00 PM EST). On-chain data from Santiment indicates a 15% rise in wallet activity for both tokens between 10:30 AM and 12:30 PM EST, suggesting heightened investor interest (Source: Santiment On-Chain Analytics, April 29, 2025, 12:30 PM EST). This development also coincides with a broader market sentiment shift, as social media-related crypto projects gain traction amid growing interest in Web3 platforms.

The trading implications of Truth Social’s potential utility token launch are significant for investors seeking opportunities in niche crypto sectors. As of 1:00 PM EST on April 29, 2025, the BTC/STEEM trading pair on Upbit showed increased volatility, with a 24-hour high of 0.00000412 BTC and a low of 0.00000385 BTC, reflecting speculative trading activity (Source: Upbit Trading Data, April 29, 2025, 1:00 PM EST). Similarly, the ETH/HIVE pair on Binance recorded a 3.8% price fluctuation within the same timeframe, indicating short-term profit-taking (Source: Binance Trading Data, April 29, 2025, 1:00 PM EST). For traders, this news signals potential breakout opportunities in social media tokens, especially if Truth Social’s token integrates AI-driven features for user engagement or content moderation, a trend gaining momentum in Web3 spaces. AI-related tokens like Fetch.ai (FET) also saw a 2.9% price increase to $1.45 on Coinbase as of 1:30 PM EST, with trading volume rising by 18% to $45 million, hinting at a correlation between AI innovation and social media crypto projects (Source: Coinbase Data, April 29, 2025, 1:30 PM EST). On-chain metrics from Glassnode show a 10% uptick in FET wallet addresses holding over 1,000 tokens between 11:00 AM and 2:00 PM EST, underscoring growing investor confidence in AI-crypto crossovers (Source: Glassnode Analytics, April 29, 2025, 2:00 PM EST). Traders should monitor these pairs closely for momentum shifts, as sustained volume could drive prices higher.

From a technical perspective, key indicators provide deeper insights into market reactions as of April 29, 2025. For STEEM, the Relative Strength Index (RSI) on the 4-hour chart stood at 68 at 2:30 PM EST, nearing overbought territory, while the Moving Average Convergence Divergence (MACD) showed a bullish crossover, suggesting continued upward momentum (Source: TradingView, April 29, 2025, 2:30 PM EST). HIVE’s RSI was slightly lower at 65, with a 50-day moving average support at $0.30 holding strong as of 3:00 PM EST (Source: TradingView, April 29, 2025, 3:00 PM EST). Trading volume analysis reveals that STEEM’s 24-hour volume on Upbit reached $15 million by 3:30 PM EST, a 45% increase from the prior day, while HIVE’s volume on Binance hit $10 million, up 33% (Source: CoinGecko, April 29, 2025, 3:30 PM EST). Regarding AI-crypto correlation, Fetch.ai’s (FET) price action showed a strong correlation coefficient of 0.82 with STEEM over the past 12 hours as of 4:00 PM EST, indicating that advancements in AI-driven platforms could bolster social media tokens (Source: CryptoCompare Analytics, April 29, 2025, 4:00 PM EST). This crossover presents unique trading opportunities, as AI sentiment continues to influence crypto market dynamics. Investors should watch for resistance levels in STEEM at $0.30 and HIVE at $0.35, as breaking these could trigger further gains.

In summary, Truth Social’s exploration of a utility token and digital wallet, announced on April 29, 2025, has catalyzed significant market activity in social media and AI-related cryptocurrencies. With precise tracking of price movements, trading volumes, and on-chain data, traders can capitalize on emerging trends in Web3 and AI-crypto intersections. For those searching for the best crypto trading strategies in 2025 or analyzing social media token price predictions, this event underscores the importance of monitoring niche sectors for explosive growth potential. Keep an eye on key pairs like BTC/STEEM and ETH/FET for actionable insights.

FAQ Section:
What is the impact of Truth Social’s utility token announcement on crypto prices?
The announcement on April 29, 2025, led to a 5.3% price surge in Steem (STEEM) to $0.28 and a 4.7% increase in Hive (HIVE) to $0.32 within hours, alongside a 2.9% rise in Fetch.ai (FET) to $1.45, reflecting strong market interest in social media and AI-related tokens (Source: Binance, Upbit, Coinbase, April 29, 2025).

How can traders benefit from AI-crypto market correlations?
Traders can target pairs like ETH/FET and BTC/STEEM, which showed high correlation and volume spikes on April 29, 2025, with FET volume up 18% to $45 million, indicating potential breakout opportunities as AI innovations influence crypto sentiment (Source: Coinbase, Upbit, April 29, 2025).