Memecoins in a crypto wallet purportedly linked to former U.S. President Donald Trump have risen to over $1 million in just six months.
According to data from blockchain analytics firm Arkham Intelligence, the TRUMP meme coins sent to Trump’s alleged crypto wallet were originally worth several thousand dollars, but have since risen to over $1.16 million.
The tokens, initially worth $7,100, were sent between August and October 2023.
While the creation of TRUMP tokens is not directly associated with the former president, there is speculation about its potential connection to his ongoing presidential campaign. Memecoin issuers commonly employ similar tactics of sending meme coins to celebrities to attract attention and generate buying interest.
The assets held in the former president’s cryptocurrency wallet have reached a valuation exceeding $2.6 million. This includes assets like $750,000 worth of Ethereum, $733,000 worth of Wrapped Ethereum (WETH), and various other tokens, some of which were likely received without prior solicitation.
Following its launch, the TRUMP token exhibited stability in price; however, it experienced a surge from $0.19 to over $2 after Trump’s recent primary victories in Iowa and New Hampshire, which have established him as a prominent contender for the 2024 presidential elections.
The tokens have a market capitalization of over $99 million on Wednesday, according to CoinMarketCap.
Trump’s Crypto History
Donald Trump has a track record of expressing criticism toward Bitcoin and other cryptocurrencies.
During a rally in New Hampshire on January 22nd, Trump emphasized that he would oppose the establishment of a central bank for digital currency (CBDC) if once again elected to the presidency.
Trump acknowledged former presidential candidate Vivek Ramaswamy, now endorsing Trump in the 2024 elections, for alerting him to the concerns associated with a potential central bank digital currency (CBDC).
“I will never allow the creation of a central bank digital currency,” Trump told the audience.
The former president also previously declared in July 2019 that he was “not a fan of Bitcoin.”
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” the former president said in an X post.
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