Trump Turns $7.1K into $1M with TRUMP Memecoin’s 150x Surge

Former U.S. President Donald Trump has seen his cryptocurrency holdings soar to more than $1 million, thanks to a memecoin named after him. According to data from Arkham, a crypto data tracker, Trump’s wallet contains over 1 million TRUMP tokens, which have increased in value by 150 times since he received them.

Trump was initially gifted 7.1 thousand dollars worth of TRUMP by the memecoin team between August and October 2023. The tokens were sent to him without his consent, meaning that he did not buy them himself. Most of his TRUMP tokens were acquired shortly after his address was tagged by Arkham on August 16, 2023. At midnight on August 19, he was transferred 469 thousand TRUMP, worth 5.6 thousand dollars at the time. Two months later, he received more TRUMP tokens worth around 1,500 dollars.

Since then, the price of TRUMP has skyrocketed to $1.90, boosting Trump’s crypto portfolio by a staggering 15,000%. TRUMP is a memecoin that aims to support Trump’s political campaign and celebrate his achievements. The token has a market cap of over $96 million and a daily trading volume of over $4.9 million, according to Dexscreener.

Trump’s crypto wallet also contains 4,776 MATIC tokens, worth 3.62 thousand dollars. MATIC is the native token of Polygon, a layer 2 scaling solution for Ethereum that enables fast and cheap transactions. Polygon has been used by many popular projects in the crypto space, such as Nike, Meta, Starbucks, NFL, DraftKings, Adidas, Mercedes, Disney, Coca-Cola, and FIFA.

Trump’s involvement in crypto is surprising, given his previous negative comments about bitcoin and other cryptocurrencies. In 2019, when he was still president, he tweeted: “I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” He also said that he wanted the dollar to be “the currency of the world”.

However, his recent disclosures show that he has profited from his crypto ventures, especially from his non-fungible token (NFT) collection. NFTs are unique digital assets that represent ownership of various forms of art, music, games, and collectibles. Trump launched his own NFT series called Trump Digital Collectible Cards, featuring images of himself. He released two collections in 2023, both of which sold out. He earned $4.87 million in licensing fees from his NFTs, according to official documents.

As the 2024 U.S. presidential election approaches, Trump’s stance on crypto could have an impact on the industry’s future. He is currently leading the Republican nomination race, ahead of other candidates who have expressed support for crypto, such as Florida Governor Ron DeSantis and businessman Vivek Ramaswamy. Trump’s crypto portfolio could indicate that he is warming up to the idea of digital assets, or at least benefiting from them.

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