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Last news
Trump Made $1 Million on a Meme Coin of the Same Name
01/24/2024

Trump Made $1 Million on a Meme Coin of the Same Name

01/24/2024
4,6

Donald Trump made a 15,000% profit on the MAGA (TRUMP) memecoin named after him.

Cryptocurrency project MAGA created the TRUMP memecoin last August and sent a few coins to Donald Trump as a marketing strategy. Now that the former U.S. president is actively moving forward in the election race, the memecoin has skyrocketed by 15,000%, generating a $1 million profit for Trump.

The fact that MAGA sent Donald Trump its coins between August and October has been revealed by Arkham Intelligence. In its post on X, the company stated that the initial total amount of TRUMP amounted to $7,100. The value of the coins in the former US president's wallet is now estimated at $1.07 million.

It's worth noting that the MAGA token (TRUMP) has nothing to do with Donald Trump himself. He is neither its creator nor its supporter. This practice of sending tokens to the crypto wallets of industry figures of power is common. It is a marketing strategy of some projects that seek to generate buying interest and attract more participants. Still, many are using TRUMP as a speculative bet on Donald Trump's current presidential campaign. The price of the token remained unchanged for a long time, and it was only with the start of the election race and Trump's subsequent wins in the primaries that the value of the memecoin rose sharply.

Thus, Donald Trump's Ethereum wallet is currently valued at $2.5 million. Earlier, he sold out 1,000 ETH totaling $2.4 million, which was also reported by Arkham Intelligence. Most of this amount was related to royalties received from the sales of his NFT collections.

Given his early statements about Bitcoin and cryptocurrencies in general, as well as his recent actions, it is difficult to determine his current attitude towards the industry. However, some experts are speculating that Donald Trump could become an unexpected ally of the crypto space.

Having secured the support of the crypto space, the chances of him winning the 2024 election could increase significantly as the current US president, Joe Biden, and his administration are skeptical of cryptocurrencies. Experts are sure that if Trump returns to the White House, it is very likely that he will start selecting open-minded and cryptocurrency-friendly personnel for regulatory positions. Such an opinion, for example, is held by the House Majority Whip Tom Emmer.

However, not everyone is convinced. Trump is unlikely to become a cryptocurrency advocate, given his disparaging remarks about digital currencies during his last presidency. Ongoing actions and unexpected statements may just be a strategy to get the extra votes needed to win.


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The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.


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