Crypto News- Tracking data from Arkham reveals that what began as a mere few thousand dollars’ worth of a meme token called TRUMP sent to a crypto wallet bearing Donald Trump’s label has now skyrocketed to over $1 million in value.
TRUMP Meme Coin Surpasses 1 Million Dollars in Wallet Sporting Donald Trump’s Name
It’s worth noting that the issuance of the TRUMP token isn’t directly tied to the former U.S. President. However, some individuals are treating these tokens as a speculative bet on his potential return to the presidential campaign.
Trump Token Frenzy: From Meme to Millions in a Donald Trump-Labeled Wallet
The TRUMP tokens were initially distributed in August, with Trump’s wallet receiving $7,100 worth of TRUMP from the meme coin’s developers between August and October 2023. This practice of sending tokens to a well-known figure’s wallet is a common marketing strategy among meme coin creators, attracting attention and buying interest. Prices remained relatively stable until Trump’s recent victories in the primaries revived his presidential aspirations for the 2024 elections. Consequently, these speculative tokens surged from 19 cents in November to over $2 on Wednesday.
As of Wednesday, the tokens boast a market capitalization exceeding $85 million. Notably, various Trump-themed meme tokens exist on different blockchains, but only one set has managed to build a significant community.
Simultaneously, the value of Trump’s wallet has skyrocketed to $2.5 million, comprising $750,000 each in ether (ETH) and wrapped ether (WETH), along with small amounts of various other tokens, likely sent to the wallet unsolicited.