In a recent revelation that encapsulates the unpredictable nature of the crypto market, former President Donald Trump is reported to have made a staggering 15,000% return on a meme coin named after him, MAGA (TRUMP). This information was brought to light by the crypto intelligence firm Arkham Intel.
Arkham took to X (formerly Twitter) today to disclose that Trump’s initial receipt of $7,100 of TRUMP, transferred between August and October 2023 by the coin’s team, had ballooned to a worth of over $1.07 million. The firm remarked:
Donald Trump makes $1M on TRUMP Memecoin. Donald Trump’s holdings of TRUMP have just passed $1M. He originally received $7,1K of TRUMP (…) That’s 150x. (…) Now that TRUMP is $1.90, his holdings have increased by 15,000%. Is he outperforming most of CT?
Notably, Trump received the bulk of his TRUMP holdings shortly after his address was tagged on August 16th, 2023. In a notable transaction, he received 469,000 TRUMP, valued at $5.600 at the time, on the night of August 19th. Subsequently, two months later, he received an additional sum of TRUMP, then valued at around $1500.
Despite the recent trading value of TRUMP standing at $1.50, the former president’s holdings remain substantial, totaling $868,920 for his 579,281 TRUMP tokens. The meme coin’s market cap peaked at $96 million, with a high of $2.32 per TRUMP, which briefly escalated Trump’s return to $1.343 million.
About The Meme Coin
The TRUMP meme coin, under the slogan “Make Crypto Great Again,” incorporates a unique tokenomics structure, featuring a 1% tax on transactions and allocating portions of these funds to US Veterans, Child Trafficking Prevention, and for marketing, development, and liquidity purposes. The coin’s official tokenomics include a supply of 47 million.
Remarkably, the meme coin’s official X account, @MAGAMemecoin, recently celebrated reaching a total of 100 ETH in donations, with their latest contribution going to the National Veterans Homeless Support, as announced in a weekly space, a testament to the community’s commitment to philanthropy.
“We have officially reached a total of 100 ETH on our 23rd week of sending donations! This week, we sent 15.1 Ethereum to @NVHS,” the official account joyously tweeted.
Trump’s Victories Fuel The Price
The TRUMP token has not only gained financial traction but also significant cultural and political relevance. Recent endorsements from political figures like Ron DeSantis and Vivek Ramaswamy, who have suspended their presidential campaigns in favor of Donald Trump, have seemingly fortified the bullish sentiment around the token.
Content creator Jake Gagain noted, “Another All Time High For TRUMP As Ron DeSantis Suspends His Presidential Campaign To Endorse Donald J. Trump. The More TRUMP Wins, The Higher TRUMP Goes. 2024 Is Looking Bullish For @MAGAMemecoin.”
Crypto influencer McKenna added, “DeSantis & Vivek have both dropped out of the US presidential race and have both endorsed Trump for the Republican nominee. I don’t think I’ve seen a clearer bet for 2024 than TRUMP.”
Furthermore, Trump’s indirect yet noticeable engagement with the crypto community, highlighted by the issuance of NFTs and recent on-chain activities, hints at a deeper connection with the industry. The Trump NFT team’s recent move to the Bitcoin network via Ordinals and the successful cash-out of Ethereum assets signify a nuanced, albeit substantial, involvement in the crypto space.
This involvement, coupled with Trump’s recently made public stance against the creation of a central bank digital currency (CBDC) if re-elected, paints a complex picture of the former president’s relationship with the burgeoning digital asset sector.
As the 2024 US presidential election approaches, the intersection of Trump’s political trajectory and the performance of the TRUMP token could remain a focal point of interest, embodying the unpredictable yet compelling narrative of the meme coin space. At press time TRUMP traded at $1.54.
Featured image from News10 ABC, chart from TradingView.com