Data recorded by Arkham reveals that a few thousand dollars worth of a meme token called TRUMP, which was transmitted to a cryptocurrency wallet associated with Donald Trump, is now valued at over $1 million.
The former US President has nothing to do with the token’s issuance; yet, some people are exploiting it as a way to speculate on his continued presidential campaign.
The parody coin’s creators first sent $7,100 worth of TRUMP to Trump’s wallet between August and October 2023. The tokens were released in August. Because they can draw attention and generate interest in purchases, meme coin creators occasionally employ sending tokens to well-known individuals’ wallets as a marketing tactic.
Prices didn’t really alter until several months after they were released. But Trump’s recent primary wins have re-established him as a potential presidential candidate in 2024, driving the price of these speculative tokens up to over $2 on Wednesday from only 19 cents in November.
According to data on Wednesday, the tokens’ market valuation exceeded $85 million. Numerous more meme tokens with Trump-related themes are available on the market on various blockchains. Only one of these, though, has attracted a sizable following.
Trump’s pocketbook has increased in worth to $2.5 million in the meanwhile. It contains tiny amounts of various different tokens, the most of which were probably given to the wallet without request, along with $750,000 worth of wrapped ether (WETH) and ether (ETH).
At its highest, the wallet contained nearly $4 million. A portion of $2.5 million in Ether, which came from royalties from the official Trump NFT collection, was transferred to the cryptocurrency exchange Coinbase (COIN) in December.