Arkham’s data tracking reveals that a memecoin called MAGA TRUMP, initially valued at a few cents, has skyrocketed to over $2 and the holdings of Mr.Trump crypto wallet labeled with Donald Trump’s name have skyrocketed.
It’s important to note that the issuance of the TRUMP token is not directly associated with the former U.S. President; however, some individuals are treating these tokens as a speculative bet on Trump’s ongoing presidential campaign.
These tokens were initially distributed in August, with Trump’s wallet receiving $7,100 worth of TRUMP from the developers between August and October 2023. Sending tokens to the wallet of a well-known figure is a common marketing strategy among meme coin creators to attract attention and generate buying interest.
Although the token prices remained relatively stable for months after issuance, recent successes in the primaries have revived Trump’s presidential prospects for the 2024 elections. Consequently, these speculative tokens experienced a surge, jumping from 19 cents in November to over $2 on Wednesday. The market capitalization of these tokens reached over $85 million on that day.
It’s worth noting that there are several other Trump-themed meme tokens on various blockchains, but only one subset has managed to build a significant community. Simultaneously, the value of Trump’s wallet has soared to $2.5 million, consisting of $750,000 each in ether (ETH) and wrapped ether (WETH), along with small amounts of various other tokens, most of which were likely sent to the wallet without solicitation.
