Bitrabo Editorial
Donald Trump, the former US President, has experienced substantial gains in the cryptocurrency market.
Data from Arkham Intelligence, a market intelligence firm, shows that Trump’s cryptocurrency portfolio has surged by an impressive 4,000%, largely due to the rapid rise of the “Save America” meme coin known as “TRUMP.”
Trump’s connected crypto wallet has received numerous airdrops of the TRUMP token, with the most recent one happening just 30 minutes before the analysis.
These airdrops have boosted the wallet’s value from $7.4 million to an impressive $9 million in a single day, with the TRUMP meme coin accounting for $1.30 million of that increase.
Evolution of Trump’s Crypto Holdings
Trump’s journey in the world of cryptocurrency has been extraordinary. At the start of the year, his wallet held only $142,500 worth of TRUMP tokens and $778,000 in Ethereum (ETH).
Since then, his crypto empire has grown significantly, with the wallet now containing almost 580,000 TRUMP tokens valued at $5.8 million, and his ETH holdings increasing to $1.30 million.
Steven Steele, the marketing director for the TRUMP meme coin, stated that this growth reflects the support from Trump’s followers and the wider crypto community.
Trump’s enthusiastic adoption of cryptocurrency has played a role in boosting the popularity of the TRUMP token.
TRUMP Token: Merging Political Influence with Crypto Speculation
Trump’s success in the crypto market is not just about financial gains; it demonstrates the connection between political influence and the speculative nature of cryptocurrencies.
The former president’s positive stance on crypto, including a promise to enable Americans to use Bitcoin for daily transactions if re-elected, has energized both his supporters and the broader crypto community.
The report emphasizes that the remarkable growth in Trump’s crypto investments showcases the significant impact that influential figures can have on the cryptocurrency market.
As the 2024 election nears, Trump’s crypto approach and the backing from his base could establish a model for other political figures to utilize digital assets in their election campaigns.
The rise in value of the TRUMP token underscores the unpredictable and speculative nature of the crypto world, particularly concerning politically linked or meme-based assets.
Featured image from Getty Images, chart from TradingView