Former US President Donald Trump’s crypto portfolio saw a significant boost recently due to the launch of a new meme coin. It has now reached approximately $26 million, showing a notable increase. This rise was highlighted by a crypto intelligence platform called Arkham. Arkham reported that Trump’s holdings in the meme coin TROG doubled to over $20 million following an airdrop. Inspired by meme culture and Trump’s political branding, TROG quickly gained popularity in the crypto market.
TROG Gains Popularity
Known as “Trump Frog,” TROG combines meme-based humor with cryptocurrency investment potential. Its creators aimed to leverage the frog-themed meme coin trend like PEPE by incorporating Trump’s image and ideology into its brand. The coin’s official website humorously describes it as combining “the funniness of memes with the revolutionary spirit of cryptocurrency.”
Currently, TROG’s value continues to rise. This increase has pushed Trump’s holdings in this meme coin to over $14 million, raising his total crypto wealth to approximately $25.97 million. Besides TROG, Trump’s largest assets include TRUMP, Ethereum (ETH), and Wrapped Ethereum (WETH), with the latter two stemming from NFT collection sales.
Origins of TROG
The origins of TROG trace back to internet meme culture, particularly a meme featuring a photoshopped image of Trump with a green frog over his mouth and chin. This meme gained widespread attention on social media platforms and news sources, ultimately inspiring the creation of the TROG meme coin.
Currently, Trump holds 50% of TROG’s total supply, which amounts to 210.34 billion tokens. This indicates a significant concentration of ownership among a small group of holders.
High Numbers Raise Questions
Despite the high nominal value of Trump’s holdings, there are questions about the practicality of liquidating such a large amount of TROG based on its market value. Arkham noted that given Trump’s ownership stake, selling these assets could face challenges in achieving full market value if he chooses to liquidate.
The strategic airdrop of TROG, constituting half of the total supply, into Trump’s wallet signifies a calculated effort by developers to leverage Trump’s public profile and influence within the crypto community. However, the broader implications of such high ownership concentration in a volatile market like cryptocurrency remain uncertain.
