Donald Trump's crypto assets tripled in just 1 week thanks to memecoin
According to Arkham, former US President Donald Trump's cryptocurrency wallet currently holds assets worth more than $30 million. This sudden growth comes from memecoin TROG airdropping half of the total supply worth more than 20 million USD into his wallet.
On-chain data from Arkham shows that the value of assets in the former US President's wallet has exceeded the $30 million mark, increasing threefold since the last record on May 28.
Accordingly, Mr. Trump's wallet holds the majority of memecoins with 210.34 billion TROG (18.4 million USD), 579.29 thousand TRUMP tokens (7.56 million USD), 1 million MAGA VP (MVP) tokens ( about 437,000 USD) and ETH worth 3.22 million USD.
The majority of the wallet's value comes from the memecoin event TROG airdrop of 210.34 billion tokens, equivalent to half of the total supply, into this wallet with a value of about 5 million USD at launch.
As of press time, memecoin TROG has skyrocketed more than 400%, bringing the total value of TROG "given away" for free to more than 21.4 million USD.
However, memecoin TROG only has about 1.1 million USD in liquidity, so if Mr. Trump knew about these tokens and wanted to sell them all, there would not be enough liquidity needed to liquidate more than half of the TROG tokens.
Besides, memecoin MAGA (TRUMP) has not fluctuated much, currently fluctuating around 13.1 USD, down 1.2% in the past 24 hours.
MAGA price fluctuations in the last 24 hours. Source: Coingecko at 04:03 PM on June 5, 2024
Previously, memecoin MAGA saw the highest increase of up to 1,500% since the beginning of this year thanks to the memecoin fever led by Dogwifhat, Pepe, Dogecoin and Bonk.
Not only MAGA, memecoins themed on other politicians have also increased in popularity after a series of pro-crypto statements by Mr. Trump in recent times.
It all started when Mr. Trump said that President Biden knew nothing about cryptocurrency and started accepting donations in crypto. He then announced that if elected again, one of the first decrees would be to release Ross Ulbricht, founder of the black market Silk Road.
However, Mr. Trump was later convicted of a crime, causing the price of related memecoins to fluctuate wildly on May 31.
Data from Arkham shows that the former President is the celebrity holding the largest amount of cryptocurrency with a total value of up to 33 million USD at the time of reporting.
