Arkham Intelligence Says Donald Trump’s Crypto Wallet Holds $1M in TRUMP Meme Coin
Trump’s Meme Coin Holding Hits $1 Million
Over the years, holders of meme coins have recorded massive profits. Early adopters of Dogecoin and the BONK token can attest to this. But there is a new meme coin in the market making crypto users, including former US President Donald Trump, millionaires.
On Wednesday, blockchain analytics company Ark Intelligence revealed that an Ethereum wallet owned by Trump, which stores royalties collected from the sales of his NFTs, was holding over 570,000 TRUMP tokens. Considering the meme coin’s latest price surge, Trump’s holding is now valued at $1 million.
Per data from CoinGecko, the TRUMP token has seen a 220% price increase over the past seven days and has rallied 680% within two weeks. TRUMP and other meme coins are known to be highly volatile, and their prices are largely driven by real-world events and sentiment on social media platforms.
Possible Reason TRUMP Token is Rallying
TRUMP’s recent rally comes at a time when Trump is increasingly becoming the favorite candidate to fly the Republican flag during the 2024 Presidential elections following primary wins in several states.
It is worth mentioning that Trump’s Ethereum wallet was not involved in the creation of TRUMP. This isn’t a surprise, given that many meme coins that are inspired by public figures and celebrities are not created by the individual in question. They are usually launched anonymously to ride the wave of FOMO and hype.
Further, Trump did not buy the meme coin. It was sent to his wallet in multiple transactions last August, according to on-chain data on Etherscan. That month, the over 570,000 TRUMP tokens were only worth $5,600 per DexScreener data.
Trump’s Wallet Holds $2.5M in Crypto
With his TRUMP tokens now valued at $1 million, the former US president currently holds over $2.5 million worth of crypto assets, including roughly $730,000 worth of WETH and $765,000 in ETH.
Last December, Trump cashed out $2.3 million worth of Ethereum after launching his NFT collection on Ethereum layer-2 network Polygon. Compared to his previous NFT projects, which sold out, the recent one has performed poorly. Only 44% of the NFTs have been minted.
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