Memecoins
Donald Trump’s portfolio is now down to $9 million following the $DJT memecoin controversy
KEY POINTS
- The portfolio now only has cryptocurrency holdings worth less than $10 million
- The dollar value of the wallet reached $33 million earlier this month, according to Arkham
- Last week, $DJT was rumored to be Trump’s “official” memecoin
Most memecoins in a digital wallet linked to former US President Donald Trump have lost much of their value from all-time highs above $30 million, following a controversy involving a token believed to be the “official” memecoin of the Republican presidential candidate.
Data from leading blockchain intelligence firm Arkham Intelligence showed that the wallet now only has it lying around $9.7 million value of memecoins. Most tokens have lost their value in recent weeks, including over 500,000 of the TRUMP (MAGA) coin and those recently donated 10 million MAGAA memecoin stash.
The portfolio’s 485 Ethereum (ETH) stocks lost more than $58,000, while Wrapped Ether (WETH) stocks lost nearly $44,000. According to the latest data, MAGA coin lost a staggering $637,000.
Arkham Intelligence has been monitoring the digital wallet said to be owned by Donald Trump. Arkham Intelligence
Arkham had previously said that at one point on June 6, the value of the portfolio’s holdings reached all-time highs of exceeding $33 million. However, a collapse in memecoin prices in recent days has caused the total value of the wallet’s token stash to plummet.
Memecoin started the week down last week, even some of the most popular tokens such as Dogecoin (DOGE) and Shiba Inu (SHIB) saw small declines while Bitcoin, the world’s leading digital asset by market value, struggled to surpass the $65,000 mark.
The situation didn’t change much over the weekend. Memecoins start this week sharply lower, as expected CoinGecko data. DOGE is down 4.4% in the past 24 hours and SHIB is down 5.8%. Other tokens fell further, with Pepe (PEPE) down more than 10% and dogwifhat (WIF) down 13.7%.
Memecoin prices have dropped since last week. CoinGecko
The latest collapse of the multimillion-dollar digital wallet linked to the business mogul comes just days after a rumor broke out on social media regarding the launch of a supposedly “official” Trump token, the $DJT memecoin on the Solana blockchain.
Rumors suggested that Barron, Trump’s youngest son, was “leading” the launch of the memecoin. The price of $DTJ increased by over 400% when news of an official Trump token emerged. Crypto figures said neither the Republican candidate nor his son were involved in the creation of the token.
The next day, the memecoin collapsed after several prominent names in the digital asset industry revealed that Martin Shkreli, infamously called “Pharma Bro,” was the person behind the token. Shreli famously increased the price of life-saving drugs by 5,000% and was found guilty of securities fraud in 2017.
Meanwhile, the Trump-linked wallet continues to receive memecoins from various donors despite falling cryptocurrency prices. According to Arkham data, donations in the last 24 hours were mostly ETH in small batches.