By
Julia Sakovich
May 3rd, 2024
Blockchain analytics firm Arkham Intelligence has also confirmed the price surge from a Donald Trump-labeled crypto wallet.
Presently, there is a general buzz around the TRUMP token, causing it to surge past $2 on Wednesday. This means that the token has now rallied over 950% from its 19 cents price in November 2023. Since the tokens were issued in August, prices remained relatively unchanged for a long period. That is until a few weeks ago when it began rallying.
Although the token is believed to be inspired by former United States President Donald Trump, there is no proof that its issuance has anything to do with him directly.
Nonetheless, the recent change of fortunes for the TRUMP token appears to be linked to Trump’s recent victories at the primaries, which has now put the ex-president back on track to be a major contender in the Presidential race that will be decided in the 2024 elections.
As a result of this, many crypto enthusiasts believe that users may apply the token to speculate on Trump’s ongoing presidential campaign. For example, an X user identified as Erik Stevens claimed to have bought TRUMP tokens for $275,000, only to see them hit a $4.5 million ATH in less than 9 days.
Trump-Tagged Wallet Holds over $1M in TRUMP Token
Meanwhile, blockchain analytics firm Arkham Intelligence has also confirmed the price surge from a Donald Trump-labeled crypto wallet.
According to Arkham’s data, the wallet, which initially received only a few thousand dollars ($7,100) worth of the meme token TRUMP, is now worth over $1 million.
Between August and October 2023, developers of TRUMP sent the meme coin to the popular figure’s wallet as part of a marketing strategy. The move, which is extremely popular among developers, aims to pull attention and spark buying interest from followers of famous individuals like the former president.
As of publication, Trump’s wallet is now worth over $2.5 million in total. It holds $750,000 each in Ether (ETH) and Wrapped Ether (WETH). Then it holds small amounts of some rather unpopular tokens which were most likely sent to the wallet unknowingly to the owner.
Trump’s wallet held over $4 million at its peak back in December. That was before Coinspeaker reported that $2.5 million in Wther was moved to crypto exchange Coinbase, following a woeful NFT business.
It is also worth mentioning that there are several other Trump-themed meme coins on the market. However, unlike TRUMP, the rest continue to struggle to gain relevance or garner an impressive size of community.