Former President Donald Trump has reportedly reaped a 15,000% return from a cryptocurrency named after his movement, MAGA (TRUMP).
What Happened: Arkham Intelligence, the crypto intelligence firm revealed on X, that the meme coin team sent over a $7,100 stake in TRUMP between August and October 2023 which has surged to an estimated value of over $1.07 million
In a tweet shared on X, Arkham Intelligence shared: “Donald Trump makes $1M on TRUMP Memecoin. Donald Trump's holdings of TRUMP have just passed $1M. He originally received $7,1K of TRUMP […] That's 150x. […] Now that TRUMP is $1.90, his holdings have increased by 15,000%. Is he outperforming most of CT?”
It should be noted that Trump has no affiliation with the TRUMP meme coin and has never endorsed it.
In the blockchain community, it is a common practice to send tokens to the well-known wallets of celebrities or high-profile individuals. For example, in 2021, Ethereum co-founder Vitalik Buterin received Shiba Inu SHIB/USDtokens in this fashion.
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Why It Matters: Trump's wallet was sent TRUMP meme coins shortly after his address became publicly tagged on August 16, 2023. In one significant transaction, he received 469,000 TRUMP, then worth $5,600, on the night of August 19. He later received more TRUMP tokens two months subsequently, worth $1,500.
TRUMP’s current trading price sits at $1.50. The meme coin attained a market capitalization of $96 million, with the coin’s price momentarily reaching $2.32 each.
The TRUMP meme coin, which bears the motto “Make Crypto Great Again,” incorporates a 1% transaction fee and the team behind the meme coin claims that the share of these collected taxes is done to support US Veterans, prevent child trafficking, and fund the coin's marketing, development, and liquidity. The official tokenomics of the coin stipulate a total supply of 47 million.
Meanwhile, Blockchain analytics firm Arkham Intelligence has reported that former President Trump has liquidated over 1,000 Ethereum ETH/USD in recent weeks. The bulk of the Ether sold by Trump is believed to stem from royalties derived from his non-fungible token (NFT) ventures.
Image via Shutterstock
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