You never know when a huge pile of meme coins can turn into serious cash
Early Dogecoin investors know this well, as do Solana developers who received an airdrop of BONK. And the latest beneficiary of a meme coin glow-up is… former U.S. president Donald Trump?
Trump’s Ethereum wallet holds $1.1 million worth of TRUMP tokens
An Ethereum wallet previously tied to Trump, which holds royalties from sales of his official NFT collections, also holds over 579,000 MAGA (TRUMP) tokens. The recent surge in price for these meme coins means that Trump’s holdings are valued at about $1.1 million as of now.
The value of TRUMP token has jumped significantly
The TRUMP token has seen a 222% increase in price this week alone and a 689% increase over the past 14 days. Meme coins like TRUMP can be highly volatile and are influenced by social media sentiment and real-world events. Trump’s recent presidential primary wins have likely contributed to the surge in value.
Meme coins are often created anonymously
Celebrity-inspired meme coins like TRUMP are typically not created by the person they are based on. Instead, they are often created anonymously to capitalize on hype and FOMO.
Trump’s wallet received a sizable allotment of TRUMP tokens
In August and October 2023, Trump’s wallet received a significant number of TRUMP tokens through multiple transactions. The largest transfer occurred on August 19, with the received tokens collectively worth approximately $5,670 at that time.
Trump’s wallet holds nearly $2.6 million worth of cryptocurrency
In addition to TRUMP tokens, Trump’s wallet holds about $755,000 worth of Ethereum (ETH) and $731,000 worth of Wrapped Ethereum (WETH). The wallet previously sold $2.4 million worth of ETH following the launch of Trump’s third NFT collection on Polygon.
Hot Take: Trump’s meme coin holdings reflect the unpredictable nature of cryptocurrency
Donald Trump’s unexpected windfall from meme coins highlights the volatile and unpredictable nature of the cryptocurrency market. While meme coins like TRUMP can experience significant price surges, their value can also fluctuate rapidly. As social media sentiment and real-world events continue to influence crypto markets, it’s important for investors to approach these investments with caution and be prepared for both gains and losses.
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