Meme Coin Named After Trump Soars Amid Success in Election Primaries
Meme token TRUMP in 'Donald Trump' wallet soars to $1M, driven by election campaign bets.
A meme token named after the former President of the United States, TRUMP, was sent to a crypto wallet labeled 'Donald Trump' and this token is now worth over $1 million. This token isn't connected to the former U.S. President, but people are buying it as a bet on his presidential campaign.
The TRUMP tokens, received by Trump's wallet between August and October 2023, were initially worth $7,100. Meme coin creators often send tokens to famous people's wallets to get attention and increase interest in their coins.
After months of stable prices, the value of these tokens rose sharply, thanks to Trump's success in the primaries for the 2024 elections. The price jumped from 19 cents in November to over $2.
The market cap of TRUMP tokens reached $85 million. While there are other Trump-themed tokens, only this set has a big community. Trump's wallet now has $2.5 million, including $750,000 in Ethereum (ETH) and wrapped Ethereum (WETH), plus small amounts of other tokens.
The wallet's value was once over $4 million. In December, $2.5 million in Ethereum was moved to the Coinbase exchange, earned from Trump NFT royalties.
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