Memecoins
Donald Trump’s cryptocurrency stash reaches $30 million as people keep sending him meme coins
Fans of former president and convicted felon Donald Trump have flooded his cryptocurrency wallet meme coins and donations since then his guilty verdict it was delivered last week.
According to blockchain analytics firm Arkham Intelligence, that influx was enough to push the value of its holdings above $30 million.
In the last two days, a wallet who has been linked to Donald Trump since Arkham Intelligence has seen its holdings in Trog meme coins (TROG) grow to $19.5 million as of this writing.
This is partly due to the team behind the Trog, short for Trump Frog. Meme Coin describes itself as “the meme coin that is here to make cryptocurrencies great again.” his website.
The TROG team airdropped half of the coin’s 420,690,000 supply to Trump, making him the the largest holder by far. And now the price of TROG has skyrocketed 190% in the last 24 hours, according to DexTools. Of course, if Trump were to try to sell his holdings in TROG – assuming he even knew he owned them – the price would rise. probably crash given its low liquidity.
Keep in mind that none of this happens in a vacuum.
Since Trump was found guilty on Friday, May 31, the Ethereum price has increased slightly. And although Trump sold $2.4 million worth of ETH in December (after his third NFT launch failed), his crypto wallet still contains 471 ETH which is worth around $1.8 million at today’s prices.
But this is nothing compared to the $7.8 million worth of the Ethereum MAGA (TRUMP) meme coin held in the former president’s wallet.
The TRUMP coin initially fell, then rose to a historic high by $16.84 not long after the judge’s verdict was announced. But it didn’t end here. By June 1, the TRUMP token reportedly reached its current all-time high of $17.51 CoinGecko.
At the time of writing, TRUMP is trading at $13.49, having gained 2.5% since this time yesterday.
Much of the political blitz of meme coins appears to be tied to attempts at degens play the market as the clock ticks toward Trump’s sentencing in the July 11 New York silence case. Each of the 34 charges he was found guilty of carries a maximum sentence of 4 years in prison. But the sentence will ultimately be up to the judge’s discretion.
In addition to the hush money conviction, Trump also faces 37 federal charges of unlawful retention of documents and obstruction of justice related to allegations that he retained classified documents after his presidency ends in 2021. There is also a case pending case of electoral subversion was filed in Georgia for his alleged attempts to overturn the results of the 2020 election.
By Stephen Graves.