A crypto wallet associated with Donald Trump has attracted frenzied attention after public data revealed its holdings of TRUMP meme coins ballooned from $7,100 last year to over $1 million currently.
TLDR
- A wallet labeled “Donald Trump” contains over $1 million worth of TRUMP meme coins, up from an original $7,100
- The meme coins have no direct connection to Trump, but have surged in value recently amid his progress in the 2024 election primaries
- The wallet’s value peaked at $4 million, but Trump NFT royalties worth $2.5 million in ether were moved out in December
- Experts note the complex relationship between Trump and crypto, as he’s engaged with NFTs but spoken against CBDCs
- Political endorsements of Trump from figures like DeSantis have fueled bullish sentiment around the speculative TRUMP token
The wallet’s bounty originated between August and October 2023, when TRUMP token developers sent Trump’s wallet address a combined $7,100 worth of coins. This practice of gifting tokens to high-profile public figures is an occasional marketing tactic in the meme coin space.
Trump showed little engagement with the unsolicited token transfers initially. However, his recent ascendancy as an early frontrunner for the 2024 Republican nomination has coincided closely with a meteoric rise in the value of TRUMP tokens.
As Trump racked up primary victories, speculative fervor around the prospects of a second Trump presidential term has spilled over to drive up prices for TRUMP. The token surged from around 20 cents in November 2023 to over $2 this week, sending the value of Trump’s holdings soaring 15,000% to $1.07 million.
At its peak, the wallet’s balance exceeded $4 million, fueled by the meme coin mania. In December however, a transfer of $2.5 million worth of ether, representing Trump NFT royalty payouts, was made from the wallet to Coinbase.
Donald Trump makes $1M on TRUMP Memecoin
Donald Trump’s holdings of TRUMP have just passed $1M.
He originally received $7.1K of TRUMP from the TRUMP team between August-October 2023, which is now worth over $1.07M.
That’s 150x. pic.twitter.com/u1Em8xReUl
— Arkham (@ArkhamIntel) January 22, 2024
The activity highlights the complex dalliance between Trump and the crypto industry. While uninvolved with and making no endorsements of the TRUMP token specifically, Trump has shown growing engagement with blockchain technology and digital assets.
From issuing NFTs to accumulating an ETH war chest from sales on secondary markets, Trump is no stranger to crypto’s reach. Notably however, he recently pledged to ban central bank digital currencies if re-elected president in 2024.
So while Trump has harnessed crypto’s potential himself, his skepticism of a digital dollar controlled by the Federal Reserve persists. This love-hate dynamic aptly manifests in the runaway speculation surrounding TRUMP.
For token holders wagering on Trump’s political comeback, each primary win and endorsement locks in higher levels of support. The endorsements of former candidates DeSantis and Ramaswamy have stoked further frenzy. Yet Trump maintains enough distance to avoid direct association with the risky token.
In crypto’s unpredictability, Trump has found himself an accidental beneficiary of assets directly named after him skyrocketing in value. As the 2024 race progresses, the activity of both the politician Trump and meme coin TRUMP will hold intrigue for the crypto industry.
Source: https://blockonomi.com/trump-linked-crypto-wallet-accrues-1m-in-unsolicited-meme-coins/