Memecoins
Trump’s Crypto Fortune Reaches $25 Million After New Memecoin Launch
Former US President Donald Trump’s cryptocurrency portfolio has risen to nearly $26 million, mainly due to the recent launch of a new memecoin. This dramatic increase was highlighted by the crypto-intelligence platform Arkham, which revealed via X: “Donald Trump’s memecoin holdings just doubled to more than $20 million. Donald Trump was flown in half of the TROG supply by their developer team a few days ago. It has now been priced on Arkham, with a market value of over $12 million.”
Trump’s cryptocurrencies are hovering above $25 million
TROG capitalizes on the continued popularity of frog themed memecoins like PEPE, intertwined with themes drawn from Trump’s brand of politics. The creators of TROG describe it as a blend of meme culture and financial strategy, aimed at capturing both the humor and investment potential of the cryptocurrency market.
The official TROG website jokingly notes: “Welcome to the wacky and wild world of Trog (Trump Frog) – the meme coin that is here to make cryptocurrencies great again! Born from the legendary internet culture and inspired by the one and only Donald Trump, Trog combines the hilarity of memes with the revolutionary spirit of cryptocurrency.
As of this writing, the value of TROG has continued to rise, pushing Trump’s holdings in this memecoin to over $14 million. This substantial increase elevated Trump’s entire crypto assets to a whopping $25.97 million. His top four holdings now consist of TROG ($14.05 million), TRUMP ($7.55 million), Ethereum ($1.79 million), and Wrapped Ethereum ($1.42 million) .
While the top two assets in Donald Trump’s portfolio are air-dropped memecoins, his holdings in ETH and WETH are derived from his own NFT collectionwith the proceeds of these sales transferred to his wallet.
TROG’s inception is rooted in Internet meme culture, specifically a Photoshop meme featuring Donald Trump with a green frog painted on his mouth and chin. This meme gained popularity when artist Mike Mitchell tweeted several altered photographs of Trump in May 2017. Within a week, the original tweet amassed over 31,600 likes and 14,300 retweets. The meme spread quickly, with additional Photoshopped images shared widely across social media platforms and covered by outlets such as Bored Panda, Mashable, and The Daily Dot.
TROG tokenomics reveals that Trump holds exactly 50% of the total supply, which amounts to 210.34 billion TROG tokens. The second largest holder owns 1.62% of the offering, or 7.23 billion TROG, worth about $450,000. The concentration of ownership is further underlined by the fact that the top 10 owners control 66.72% of the total supply.
The strategic launch of TROG into Trump’s portfolio, which comprises half of the total offering, appears to be a move calculated by the developers to leverage his public profile and influence. However, despite the significant nominal value of these holdings, the practical implications of liquidating such a large amount of TROG at market value are questionable. As Arkham pointed out, “with so much supply, it is unlikely that Trump would be able to sell it at market value if only he knew it existed.”
At the time of writing, Trump memecoin (MAGA) was trading at $13.06.
Featured image from CNN, chart from TradingView.com