Share this article

Donald Trump-Labeled Wallet Has Over $1M of TRUMP Meme Coin

Issuance of the TRUMP tokens has nothing to do with Trump directly, but some are using the tokens as a speculative bet on his ongoing presidential campaign.

By Shaurya Malwa|Edited by Parikshit Mishra

Na-update Mar 8, 2024, 8:23 p.m. Published Ene 24, 2024, 7:35 a.m. Isinalin ng AI

A few thousand dollars worth of a meme token [TRUMP] sent to a Donald Trump-labeled crypto wallet is now worth over $1 million, data tracked by Arkham shows.

Issuance of the TRUMP token has nothing to do with the former U.S. President directly, but some are using the tokens as a speculative bet on his ongoing presidential campaign.

Ipagpatuloy Ang Kwento Sa Baba

Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. Tingnan ang Lahat ng mga Newsletter

Sa pamamagitan ng pag-sign up, makakatanggap ka ng mga email tungkol sa mga produkto ng CoinDesk at sumasang-ayon ka sa aming terms of use at patakaran sa privacy.

The tokens were issued in August, and Trump’s wallet originally received $7,100 of TRUMP from the meme coin’s developers between August and October 2023. Sending tokens to a popular entity’s wallet is sometimes used as a marketing strategy by meme coin makers, as they can attract eyeballs – and buying interest.

Prices remained largely unchanged until months after their issuance. However, Trump’s recent victories in the primaries have put him back on track as a Presidential contender in the 2024 elections, and sent these speculative tokens surging to over $2 on Wednesday from 19 cents in November.

The tokens have a market capitalization of over $85 million on Wednesday, data shows. There are several other Trump-themed meme tokens on the market across different blockchains. However, only one set of these has garnered a sizeable community.

Meanwhile, the value of Trump’s wallet has shot up to $2.5 million. It holds $750,000 each in ether [ETH] and wrapped ether [WETH], and tiny amounts of several other tokens, most of which were likely sent to the wallet unsolicited.

The wallet held over $4 million at its peak. In December, a tranche of $2.5 million in ether was moved to crypto exchange Coinbase (COIN), all of which were generated from royalty payments from the official Trump NFT collection.

Trump

Shaurya Malwa

Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.

Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.

He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.