News
Trump-linked portfolio rises to nearly $12 million as Memecoin and PolitiFi tokens rise
KEY POINTS
- The portfolio’s cryptocurrency holdings rose to $11.9 million on Tuesday evening
- Top memecoins were in the green, including big gainers BRETT, WIF, and PEPE
- The biggest gainers in PolitiFi memecoins were TMANIA, MAGA, and TREMP
The digital wallet linked to Republican presidential candidate Donald Trump has surged after falling below $10 million earlier this week amid a significant spike in the memecoin sector, particularly in the “PolitiFi” token space.
Data from blockchain intelligence and analytics firm Arkham Intelligence showed that the wallet recorded cryptocurrency holdings worth over $11.9 million Tuesday evening. the wallet started the week downwith only about $9.7 million at one point. The overall value is still far from the portfolio’s all-time high of about $33 million earlier this month, but it has shown a gradual recovery in a few days after falling below $10 million.
Arkham data also showed that the wallet continues to receive donations from various donors, with huge numbers of inflows from a wallet called “Save America,” albeit in small batches of Ether (ETH), the native cryptocurrency of the Arkham blockchain. Ethereum.
The wallet received donations of Ether and other memecoins in small batches. Arkham Intelligence
The Trump-linked portfolio value increase comes as the memecoin market has skyrocketed over the past day. Dogecoin (DOGE) has gained 6.6% in the past 24 hours, Shiba Inu (SHIB) is up 4.5%, and FLOKI is up more than 7%, according to data from CoinGecko.
The biggest gainers on Tuesday evening were PEPE (16.0%), WIF (16.3%), and BRETT (16.7%) – the latter up more than 25% in the last seven days. Most of the other major memecoins on the market remained in the green over the last 24 hours.
The top memecoins on the market have all been in the green over the last 24 hours. CoinGecko
PolitiFi tokens, or memecoins based on political figures or movements, have also risen significantly over the past day, led by Trump Mania Coin (TMANIA), which has seen a whopping 54.2% surge, followed by MAGA Hat (MAGA), which has seen a 48.2% increase, and Doland Tremp (TREMP), which is up 33.5%. Everyone Else Above PolitiFi Token rose, including Jeo Boden (BODEN), spiking 11.5%.
PolitiFi tokens also saw a surge late Tuesday night, with the vast majority of tokens Trump-themed. CoinGecko
It appears that the surge in Memecoin and PolitiFi tokens was influenced by Bitcoin’s recovery after a collapse below the critical $60,000 mark. The world’s largest cryptocurrency by market value rose greater than $62,000 after suffering a collapse amid market fears and massive liquidations by whales and other large holders of the currency.
Interestingly, it wasn’t just Bitcoin’s rebound that may have influenced Tuesday night’s memecoin frenzy. A report on Monday revealed that Trump is in talks for a possible speak at Bitcoin 2024 by Bitcoin Magazine, considered the biggest BTC event this year.
Trump’s presence has not yet been confirmed, but the cryptocurrency community is anxiously awaiting a possible sharing of the stage with longtime BTC supporter Robert F. Kennedy Jr., who is also running for president.
Other users on X (formerly Twitter) think Trump’s appearance is huge cryptographic event in Nashville in July is “big for elections.”