Donald Trump is not only doing well in the American primaries. He has also been featured in crypto news in recent weeks. After making eye-catching crypto statements during his campaign in New Hampshire, he is now involved in the rise of a real-life “Trump memecoin.” What's up?
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TRUMP Memecoin is going through the roof
Between August and October, Donald Trump's crypto wallet received approximately $7,000 in TRUMP tokens, a Trump-themed memecoin. Although the value of the tokens did not initially increase very much, Trump's recent successes in the American primaries have done a lot of good for the value of the tokens. The TRUMP tokens in Donald Trump's wallet are now worth more than $1 million.
In November, TRUMP's value was still at $0.19. However, the value of the memecoin already exceeded the $2 mark on Wednesday. The price has since fallen slightly and is currently at $1.87. In addition to TRUMP, there are other memecoins that benefit from the former president. But with a market cap of over $87 million, TRUMP is by far the largest.
Although the tokens are in Trump's wallet, Trump himself has nothing to do with the tokens. The memecoin's issuers simply sent him a few tokens. Memecoins are often sent to well-known addresses as part of a marketing strategy.
Trump's crypto wallet
Trump's crypto wallet currently contains about $2.5 million, thanks in part to the rise of TRUMP. So $1 million in TRUMP tokens. The remaining $1.5 million is in Ethereum (ETH).
In the past, however, Trump's crypto wallet was even more full. In December, the former president sold $2.5 million worth of Ethereum tokens.
Trump made this Ethereum fortune almost entirely through royalties from his own non-fungible token (NFT) collections. Last week, Trump announced a new NFT collection. The new collection will be released on the Bitcoin (BTC) network.
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