A memecoin known as $TRUMP was recently transferred to a cryptocurrency wallet linked to former U.S. President and current presidential candidate Donald Trump. Initially valued at a few thousand dollars, the tokens have surged in worth to over $1 million.
Despite not being directly associated with the former U.S. President, the TRUMP token has become a speculative asset tied to his ongoing presidential campaign. Data from Arkham Intelligence reveals that Trump’s wallet received approximately $7,100 in TRUMP tokens from its developers as part of a marketing tactic commonly used by memecoin creators to generate attention for their projects.
While the token’s value remained relatively stable for several months, its worth has skyrocketed after Trump’s recent success in the primaries, positioning him as a strong contender for the 2024 Presidential elections. As a result, the token’s market capitalization now exceeds $85 million.
This specific set of Trump-themed meme tokens has garnered significant interest among various Trump-themed meme tokens on different blockchains. Its growth has led to the total value of the wallet linked to Trump reaching $2.5 million.
Notably, the wallet currently holds approximately $750,000 worth of Ether (ETH) and $750,000 worth of Wrapped Ether (WETH), alongside small amounts of various other cryptocurrencies sent by other users.
In addition, the former U.S. President has recently expanded his non-fungible token (NFT) offerings to the Bitcoin network through the Ordinals protocol, extending the reach of his NFTs.
Trump has also received support from the cryptocurrency industry after vehemently expressing his opposition to the Federal Reserve launching a Central Bank Digital Currency (CBDC). His stance resonates with his conservative base, as he consistently highlights the potential risks associated with a government-issued digital currency, framing it as a threat to freedom.
It’s clear that the intersection of politics and cryptocurrency continues to draw attention, and Trump’s involvement in the crypto space is no exception. As the industry evolves, it will be interesting to see how political figures and their actions continue to impact the market.
