Broken-down president Donald Trump’s crypto wallet is bulging—and he now owns nearly $4 million value of MAGA meme coins.
The Ethereum wallet tied to the presidential hopeful by blockchain analytics agency Arkham Intelligence now holds nearly $6.4 million in crypto. Most of that—about 58%, or $3.85 million value as of this writing—is held in MAGA (TRUMP) tokens, which plod on Ethereum’s blockchain.
Trump furthermore holds over $1.2 million in Wrapped Ethereum (WETH) tokens and greater than $1.1 million in Ethereum (ETH). The pale United States President receives royalties from sales of the decent Trump NFT collections, launched in 2022 and 2023. He cashed out millions of greenbacks’ value of ETH leisurely final one year following the most contemporary NFT series initiate.
The TRUMP meme token is currently priced at $6.53, up 139% this week, CoinGecko reveals. Up to now month, the price has soared by 341%. TRUMP hit an all-time excessive designate of $7.78 early Wednesday, pushing the value of Trump’s have confidence holdings above $4.5 million on the time.
TRUMP is a meme coin: a cryptocurrency according to an web meme, a funny narrative, or a well-known individual. Such tokens in total plod on other blockchains—a lot like Ethereum—and are extremely unstable.
Trump nearly with out a doubt has no decent connection to the TRUMP token undertaking; they’re in total created by anonymous crypto users taking a glimpse to originate financial institution on hype and momentum. On this case, Trump’s wallet was once despatched massive chunks of the tokens final fall.
The largest meme coin is Dogecoin (DOGE), which has its have confidence blockchain and is the 10th largest digital asset with a market cap of $16.2 billion.
Since DOGE’s initiate, thousands of meme coins have confidence sprung into existence most efficient to go factual as like a flash (in any case most frequently), making some investors massive beneficial properties—and losses.
Trump has by no manner publicly acknowledged preserving the meme coin. But with the Republican frontrunner facing more and more excessive appropriate bills forward of this one year’s election, will he in actuality feel the stress to sell more crypto?
Edited by Andrew Hayward
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The views and opinions expressed by the author are for informational functions most efficient and assign no longer constitute financial, investment, or other suggestion.
