In a current 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 data was dropped at mild by the crypto intelligence agency Arkham Intel.
Arkham took to X (previously Twitter) right this moment to reveal that Trump’s preliminary receipt of $7,100 of TRUMP, transferred between August and October 2023 by the coin’s staff, had ballooned to a value of over $1.07 million. The agency remarked:
Donald Trump makes $1M on TRUMP Memecoin. Donald Trump’s holdings of TRUMP have simply handed $1M. He initially obtained $7,1K of TRUMP […] That’s 150x. […] Now that TRUMP is $1.90, his holdings have elevated by 15,000%. Is he outperforming most of CT?
Notably, Trump obtained the majority of his TRUMP holdings shortly after his tackle was tagged on August sixteenth, 2023. In a notable transaction, he obtained 469,000 TRUMP, valued at $5.600 on the time, on the night time of August nineteenth. Subsequently, two months later, he obtained an extra sum of TRUMP, then valued at round $1500.
Regardless of the current buying and selling worth of TRUMP standing at $1.50, the previous president’s holdings stay substantial, totaling $868,920 for his 579,281 TRUMP tokens. The meme coin’s market cap peaked at $96 million, with a excessive of $2.32 per TRUMP, which briefly escalated Trump’s return to $1.343 million.
About The Meme Coin
The TRUMP meme coin, below the slogan “Make Crypto Great Again,” incorporates a novel tokenomics construction, that includes a 1% tax on transactions and allocating parts of those funds to US Veterans, Baby Trafficking Prevention, and for advertising and marketing, growth, and liquidity functions. The coin’s official tokenomics embody a provide of 47 million.
Remarkably, the meme coin’s official X account, @MAGAMemecoin, lately celebrated reaching a complete of 100 ETH in donations, with their newest contribution going to the Nationwide Veterans Homeless Assist, as introduced in a weekly area, a testomony to the neighborhood’s dedication 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 Gasoline The Worth
The TRUMP token has not solely gained monetary traction but additionally important cultural and political relevance. Latest endorsements from political figures like Ron DeSantis and Vivek Ramaswamy, who’ve suspended their presidential campaigns in favor of Donald Trump, have seemingly fortified the bullish sentiment across the token.
Content material 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.”
Moreover, Trump’s oblique but noticeable engagement with the crypto neighborhood, highlighted by the issuance of NFTs and up to date on-chain actions, hints at a deeper reference to the business. The Trump NFT staff’s recent move to the Bitcoin community by way of Ordinals and the profitable cash-out of Ethereum property signify a nuanced, albeit substantial, involvement within the crypto area.
This involvement, coupled with Trump’s lately made public stance against the creation of a central financial institution digital foreign money (CBDC) if re-elected, paints a posh image of the previous president’s relationship with the burgeoning digital asset sector.
Because the 2024 US presidential election approaches, the intersection of Trump’s political trajectory and the efficiency of the TRUMP token might stay a focal focal point, embodying the unpredictable but compelling narrative of the meme coin area. At press time TRUMP traded at $1.54.
Featured picture from News10 ABC, chart from TradingView.com
