A memecoin named $TRUMP was earlier sent to a cryptocurrency wallet associated with former U.S. President and current presidential candidate Donald Trump. At the time, the tokens were worth a few thousand dollars, but have since skyrocketed to over $1 million.
Although the TRUMP token’s release is not directly linked to the former U.S. President, it’s become a speculative asset tied to his current presidential campaign. According to data from Arkham Intelligence, Trump’s wallet received around $7,100 in TRUMP tokens from its developers in a marketing ploy similar to ones used by memecoin creators to draw attention to their projects.
The token’s value remained stable for months, but following Trump’s success in the recent primaries, which positions him as a strong candidate for the 2024 Presidential elections, their value has soared to the point their market capitalization is now over $85 million.
Bought $TRUMP 9 days ago at $275k. Reached ATH of $4.5M yesterday, a 16.4X increase. Haven’t sold any tokens due to my strong belief in the #MAGA #Trump2024 narrative. Feel free to fact check all my claims on the blockchain.👇🚫 Fake news.https://t.co/uDk2kMvNeh https://t.co/KgExkB7SAY pic.twitter.com/LFFFqRv1x7
— Erik Stevens 🐆 (@IHunt100xGems) August 25, 2023
Among the various Trump-themed meme tokens on different blockchains, only this particular set has attracted a significant following. Its growth has seen the total value of the wallet linked to Trump shoot up to $2.5 million.
The wallet currently holds around $750,000 worth of Ether (ETH) and $750,000 worth of Wrapped Ether (WETH), along with small amounts of several other cryptocurrencies, most of which were sent to the wallet by other users.
As CryptoGlobe reported, the former US President has recently moved to expand his non-fungible token (NFT) offerings to the Bitcoin network through the Ordinals protocol, expanding the reach of hits NFTs.
Earlier, Trump drew support from the cryptocurrency industry after vowing to “never allow” the Federal Reserve to launch a Central Bank Digital Currency (CBDC).
Trump’s warnings regarding CBDCs align with his broader economic and political agenda, resonating with his conservative base. He has consistently emphasized the potential risks associated with a government-issued digital currency, framing it as a “dangerous threat to freedom.”
Featured Image via Pixabay
