The value of meme coin “TRUMP” in Trump’s wallet exceeds $1 million | CoinDesk JAPAN

The meme token “TRUMP” sent to Donald Trump’s cryptocurrency wallet is now worth more than $1 million (approximately 150 million yen, converted at 1 dollar = 150 yen). This is revealed by data from blockchain analysis firm Arkham Intelligence.

The issuance of TRUMP has nothing directly to do with former President Trump, but it is related to the ongoing presidential election.speculative betSome people use tokens as

The token was issued in August 2023, and Trump’s wallet received $7,100 worth of TRUMP from memecoin developers between August and October at the then-current price. Sending tokens to the wallets of popular figures is sometimes used as a marketing strategy by meme coin developers. This is because it can attract people’s attention and generate interest.

(Arkham)

The price of this token has remained largely unchanged for several months since its issuance. However, the speculative token soared from 19 cents in November to more than $2 on January 24, as Trump recently won the primary and re-established himself as a likely candidate for the 2024 US presidential election.

The token market capitalization reached more than $85 million (approximately 12.7 billion yen) on the 23rd. There are other Trump-themed meme tokens on the market on various blockchains. However, this is the only one that has formed a large community.

Meanwhile, the amount held in Trump’s wallet soared to $2.5 million (approximately 375 million yen). The wallet holds a small amount of $750,000 each of Ethereum (ETH) and Wrapped Ethereum (wETH), as well as several other tokens, most of which are unsolicited. Most likely it was sent to your wallet.

At its peak, the wallet held more than $4 million (approximately 6 billion yen). In December, $2.5 million worth of Ethereum was transferred to cryptocurrency exchange Coinbase.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: OpenSea
｜Original text: Donald Trump-Labeled Wallet Has Over $1M of TRUMP Meme Coin