According to data tracked by blockchain analytics firm Arkham Intelligence, a cryptocurrency wallet allegedly belonging to former U.S. President Donald Trump received several thousand dollars worth of TRUMP tokens that turned into a million dollars within six months. The tokens sent to the crypto wallet are currently worth over 1 million dollars at current prices.
$7,100 Turned Into $1 Million
TRUMP token, despite not having a direct connection to former U.S. President Trump, is being used by some as a speculative bet on his ongoing presidential campaign. The token, launched in August 2023, was transferred to Trump’s crypto wallet between August and October 2023 as part of the memecoin developers’ move. The tokens, initially worth $7,100, are now valued at $1.07 million.
It is well known that sending a token to a famous person’s crypto wallet is part of a marketing strategy particularly adopted by memecoin issuers. This method draws attention to the token and aims to generate buying interest.
Currently, the assets in Trump’s crypto wallet are seen to be worth over 2.5 million dollars. The wallet contains Ethereum (ETH), Wrapped Ethereum (WETH) each valued at $750,000, and several other tokens in small amounts (most likely sent to the wallet unsolicited).
Current Status of the TRUMP Token
Data shows that the price of the TRUMP token remained largely unchanged in the months following its launch, but things changed as Trump’s primary victories included him in the game as a candidate with the highest potential vote for the 2024 elections. This situation led the speculative token’s price to rise from $0.19 in November to over $2. The current data shows that the TRUMP token now boasts a market value of over 85 million dollars.
There are many Donald Trump-themed memecoins on different blockchains in the market, but only the mentioned TRUMP token has managed to build a large community.