A TRUMP meme token, sent to a crypto wallet labeled with Donald Trump’s name, has experienced a huge surge in value, now exceeding $1 million.
The TRUMP token isn’t directly associated with the former U.S. President. Instead, some individuals treat these tokens as a speculative bet linked to Trump’s ongoing presidential campaign.
Between August and October 2023, Trump’s wallet received $7,100 worth of TRUMP tokens from the developers. This strategic move, often employed by meme coin makers, involves sending tokens to a popular figure’s wallet to attract attention and buying interest.
The price of the token remained relatively stable until Trump’s recent victories in the primaries, propelling the speculative tokens to over $2 from 19 cents in November.
The tokens now boast a substantial market capitalization of over $85 million, with multiple Trump-themed meme tokens across different blockchains. However, only one set has gathered a significant community around it.
Simultaneously, the value of Trump’s wallet has skyrocketed to $2.5 million. It holds substantial amounts in both ether (ETH) and wrapped ether (WETH), along with minor quantities of various other tokens, likely unsolicited.
At its zenith, the wallet held over $4 million. In a noteworthy development in December, a tranche of $2.5 million in ether was transferred to the crypto exchange Coinbase (COIN), generated from royalty payments related to the official Trump NFT collection.
