Issuance of the TRUMP tokens has nothing to do with Trump directly, but some are using the tokens as a speculative bet on his ongoing presidential campaign.
A few thousand dollars worth of a meme token TRUMP sent to a Donald Trump-labeled crypto wallet is now worth over $1 million, data tracked by Arkham shows.
Issuance of the TRUMP token has nothing to do with the former U.S. President directly, but some are using the tokens as a speculative bet on his ongoing presidential campaign.
The tokens were issued in August, and Trump’s wallet originally received $7,100 of TRUMP from the meme coin’s developers between August and October 2023. Sending tokens to a popular entity’s wallet is sometimes used as a marketing strategy by meme coin makers, as they can attract eyeballs – and buying interest.
Prices remained largely unchanged until months after their issuance. However, Trump’s recent victories in the primaries have put him back on track as a Presidential contender in the 2024 elections, and sent these speculative tokens surging to over $2 on Wednesday from 19 cents in November.
The tokens have a market capitalization of over $85 million on Wednesday, data shows. There are several other Trump-themed meme tokens on the market across different blockchains. However, only one set of these has garnered a sizeable community.
Meanwhile, the value of Trump’s wallet has shot up to $2.5 million. It holds $750,000 each in ether (ETH) and wrapped ether WETH, and tiny amounts of several other tokens, most of which were likely sent to the wallet unsolicited.
The wallet held over $4 million at its peak. In December, a tranche of $2.5 million in ether was moved to crypto exchange Coinbase (COIN), all of which were generated from royalty payments from the official Trump NFT collection.
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Source: Vietnam Insider