A multi-thousand dollar meme coin project called TRUMP sent to a crypto wallet labeled “Donald Trump” is now worth over $1 million, according to data tracked by Arkham. While the issuance of the TRUMP token has nothing directly to do with the former US President, some are using the tokens as a speculative bet on his ongoing presidential campaign.
The value of Trump’s wallet increased with Meme coin
The tokens were issued in August 2023, and Trump’s wallet initially received $7,100 of TRUMP from the developers of the meme coin between August and October. Sending tokens to the wallet of a popular asset is sometimes used as a marketing strategy by meme coin producers as it can attract attention and interest in purchasing. Prices remained relatively stable until recent months. But Trump’s recent victories in the primaries have brought him back to the forefront as a potential candidate in the 2024 elections, causing speculative TRUMP tokens to rise from 19 cents in November to over $2 on Wednesday.
The market cap of the tokens is over $85 million, and there are other Trump-themed meme tokens in the market on different blockchains. But only TRUMP tokens sent to the “Donald Trump” wallet gathered a significant community. Meanwhile, the value of the “Donald Trump” wallet increased to $2.5 million. It holds $750,000 worth of Ethereum (ETH) and wrapped Ethereum (WETH) along with small amounts of other tokens, many of which were likely sent to the wallet unintentionally.
Large amounts were transferred to stock exchanges
At its peak, the wallet held over $4 million. In December, $2.5 million worth of ETH moved to crypto exchange Coinbase, all from royalties from Trump’s official NFT collection. It is important to remember that the value of meme coin projects is highly volatile and can fluctuate significantly. Investors should be aware of the risks involved before investing in any meme coin, including the TRUMP token. While the success of the “Donald Trump” wallet may seem like a meme-induced fluke, it serves as a cautionary tale.
The inherent volatility of meme coin projects makes them risky investments and prone to dramatic price fluctuations. Investors should approach these with extreme caution and thorough research before diving in. Ultimately, the story of Trump’s crypto portfolio underscores, albeit unintentionally, the unpredictable nature of both the political and digital landscape. It remains to be seen whether the “Make Crypto Great Again” movement, fueled by meme coins and NFT copyrights, will translate into electoral success. But one thing is certain: In the ever-evolving world of finance, even the most unlikely names can find themselves at the center of a million-dollar crypto saga.
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