Trump’s wallet earned USD $20 million thanks to memecoins with his name – DiarioBitcoin
By Hannah Perez
The former US president has seen some (theoretical) windfall gains in his cryptocurrency portfolio. The reason? The memecoins that fans send him and that are inspired by himself.
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- Donald Trump is an increasingly fat cryptocurrency whale, all because of memecoins
- The Republican’s followers and fans send funds in meme tokens to his wallet
- A cryptocurrency inspired by a frog and Trump rose more than 1,000% this week
Donald Trump’s cryptocurrency wallet has turned out to be a volatile basket of memecoins.
The former president of the United States and now a convicted felon has been seeing extraordinary variation in his digital currency portfolio thanks to fans and followers who have been sending him tokens Highly speculative memes.
The data compiled by the Blockchain analysis firm Arkham Intelligenceshow that Trump’s wallet has seen unrealized gains worth approximately $20 million over the past 30 days.
Notably, the Republican candidate’s cryptocurrency holdings were around $5.6 million on May 6, and have now risen above $25 million, according to the data. The figure even briefly surpassed $30 million this week before retreating amid turmoil from several memecoins that make up the portfolio.
The main culprit for the huge theoretical returns on Trump’s holdings appears to be the memecoin trog (TROG), a token inspired by the frog-themed politician and billionaire, and others that literally use his name.
Trump-inspired amphibious token soars
That meme coin, whose name is an acronym for “Trump Frog” (Rana Trump), the price shot up almost 1,000% this week after its creators made an unexpected gift to the Republican and sent 50% of the entire TROG supply to his wallet.
Trump now owns billions of tokens TROG worth slightly more than USD $13 million at the time of writing this article. TROG is the main protagonist of the portfolio, capturing more than 90% of the entire share. The former president is also the largest holder of the memecoinas noted Decrypt.
It’s not the only one memecoin that makes up Trump’s million-dollar cryptocurrency portfolio. Although he may not keep the accounts, his wallet also holds a fortune of a token who uses his own name, Magician (TRUMP), which has similarly seen a meteoric price rise in recent weeks.
Trump received thousands of Maga tokens —possibly as a gift—shortly after its launch, between August and October 2023, data from Etherscan. The politician currently owns tokens TRUMP worth nearly $7.5 million, up 170% in US dollar terms from a month ago, data shows.
The reason for this increase is TRUMP’s own price increase, which has skyrocketed around 70,000% in the last year. At the beginning of this week, the memecoin reached an all-time price record of $17, contributing to unrealized gains in Trump’s portfolio.
Trump’s million-dollar cryptocurrency holdings
Donald Trump has been a cryptocurrency whale—in other words, a big investor—for a long time; as their own public financial disclosures have revealed in the past.
Cryptocurrency holdings are related to the initiatives of tokens non-fungible (NFT) of the republican. In 2022, Trump presented his first collection of digital cards online Ethereum, and has since expanded its efforts in this sector. At the beginning of this year, he took advantage of the Ordinals to land your NFTs on the network Bitcoin.
His holdings of Ethereum (ETH) are valued at around USD $1.8 million at press time, a modest increase in the last month in line with the price rise of that cryptocurrency. Meanwhile, a handful of others tokens such as PEPE, ELON and BABYTRUMP, among others inspired by himself, are also part of his increasingly bulging portfolio.
A new wave of memecoins inspired by Trump surged into the market after his historic sentencing in New York last week. Now back in the electoral campaign, the candidate’s followers and fans seem to seek to attract his attention or even honor him by sending him their tokens nascent political themes.
During his campaign for the US presidency, the Republican has shown a favorable attitude towards cryptocurrencies, promising to defend the industry in the country and protect the freedom to own Bitcoin if he is re-elected to the White House job in November. He also began accepting cryptocurrencies as donations for his campaign, which, although managed in a separate account, could also explain the horde of memecoins that you have been receiving in recent weeks.
Doubling down on his support for cryptocurrencies, he referred to himself as the “crypto president” at a campaign event on Friday.
Article by Hannah Estefanía Pérez / DailyBitcoin
Picture of Unsplash
WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be suitable for retail investors as the entire amount invested could be lost. Check the laws of your country before investing.
