Trump Made $1 Million on a Meme Coin of the Same Name
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.
Donald Trump makes $1M on TRUMP Memecoin— Arkham (@ArkhamIntel) January 22, 2024
Donald Trump’s holdings of TRUMP have just passed $1M.
He originally received $7.1K of TRUMP from the TRUMP team between August-October 2023, which is now worth over $1.07M.
That’s 150x. pic.twitter.com/u1Em8xReUl
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.
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. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity....— Donald J. Trump (@realDonaldTrump) July 12, 2019
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.