Memecoins
Donald Trump’s crypto stash hits $30 million because people keep sending him coins
Fans of former president and convicted felon Donald Trump have flooded his crypto wallet with coins and donations since his guilty verdict was delivered last week.
This influx was enough to push the value of his holdings above $30 million, according to blockchain analytics firm Arkham Intelligence.
In recent days, a wallet who has been linked to Donald Trump by Arkham Secret Service saw its Trog (TROG) coin holdings reach $19.5 million at the time of writing.
That’s partly because of the team behind the Trog, short for Trump Frog. The meme coin describes itself as “the meme coin that is here to make crypto great again” on his website.
The TROG team dropped half of the 420,690,000 coins to Trump, making him the the largest holder, by far. And now the price of TROG has soared 190% in the last 24 hours, according to DexTools. Of course, if Trump tried to sell his holdings in TROG – if he even knows he owns them – the price would rise. probably in free fall given its low liquidity.
Keep in mind that none of this happens in a vacuum.
Since Trump was found guilty on Friday May 31, the Ethereum price increased slightly. And even if Trump sold for $2.4 million worth of ETH in December (after his third NFT launch failure), his crypto wallet still contains 471 ETH, worth around $1.8 million at current prices.
But that’s nothing compared to the $7.8 million Ethereum MAGA (TRUMP) meme coin held in the former president’s wallet.
TRUMP coin first dipped, then jumped to a record level of $16.84 shortly after the judge’s verdict was announced. But it didn’t stop there. On June 1, the TRUMP token reached its current all-time high of $17.51, according to CoinGecko.
At the time of writing, TRUMP is trading at $13.49 after gaining 2.5% since yesterday at fixed time.
Much of the political coin blitz seems to have to do with degens trying to play the stock market as time runs out until Trump’s sentencing for the hush money affair in New York on July 11. Each of the 34 counts he was convicted of carries a maximum sentence of 4 years in prison. But sentencing will ultimately be left to the discretion of the judge.
In addition to the hush money conviction, Trump also faces 37 federal charges for unlawful retention of documents and obstruction of justice in connection with allegations that he kept classified documents after his presidency ended in 2021. electoral subversion case which was filed in Georgia for its alleged efforts to overturn the results of the 2020 election.
Edited by Stephen Graves.