- January 25, 2024
- Posted by: [email protected]
- Category:
In a remarkable turn of events over the last six months, meme tokens linked to a crypto wallet allegedly associated with former U.S. President Donald Trump have witnessed an astonishing surge in value, now eclipsing the $1.1 million mark. Data provided by blockchain analytics firm Arkham Intelligence reveals that these TRUMP meme coins, originally valued at a modest $7,100, have experienced an exponential increase, reaching an impressive $1.16 million.
Transacted between the months of August and October 2023, these tokens have become a focal point of intrigue in the crypto space. While their creation is not directly attributed to the former president, there is speculation about a potential connection to his ongoing presidential campaign. This tactic of distributing meme coins to celebrities, including political figures, is a common strategy employed by memecoin issuers to leverage their influence, garner attention, and stimulate market activity.
The assets housed in Trump’s cryptocurrency wallet have burgeoned to a valuation exceeding $2.6 million. This diverse portfolio includes substantial holdings, such as $750,000 worth of Ethereum, $733,000 worth of wrapped Ethereum (WETH), and an array of other tokens, some of which were likely received without prior solicitation.
Despite a relatively stable price trajectory post-launch, the TRUMP token experienced a substantial surge in value from $0.19 to over $2 following Trump’s recent primary victories in key states like Iowa and New Hampshire. These victories have solidified Trump’s position as a formidable contender for the 2024 presidential elections. As of the latest data, the TRUMP tokens boast a market capitalization surpassing $99 million, as reported by CoinMarketCap.
In light of Trump’s historical stance on cryptocurrencies, the recent rally in TRUMP tokens prompts renewed interest. During a rally in New Hampshire on January 22nd, Trump reiterated his opposition to the establishment of a central bank for digital currency (CBDC). Former presidential candidate Vivek Ramaswamy, now endorsing Trump for the 2024 elections, played a role in bringing concerns about a potential CBDC to Trump’s attention.
“I will never allow the creation of a central bank digital currency,” Trump emphatically declared to the audience during the rally. This aligns with his previous remarks in July 2019, where he expressed his skepticism towards Bitcoin and other cryptocurrencies, criticizing them as non-monetary entities with highly volatile values, seemingly based on what he referred to as “thin air.”
