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Donald Trump’s Crypto Stock Reaches $30 Million As People Keep Sending Him Meme Coins
Fans of former president and convicted felon Donald Trump have been flooding his crypto wallet with meme coins and donations from your guilty verdict It was delivered last week.
That influx was enough to push the value of its holdings above $30 million, according to blockchain analytics firm Arkham Intelligence.
In recent days, a portfolio who was linked to Donald Trump by Arkham Intelligence has seen its Trog (TROG) meme coin holdings grow to $19.5 million at the time of writing.
This is in part thanks to the team behind Trog, short for Trump Frog. Meme Coin describes itself as “the meme coin that’s here to make crypto great again” in your site.
The TROG team released half of the coin’s 420,690,000 supply for Trump, making him the by far the largest holder. 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 TROG holdings – if he knew he owned them – the price would be will probably 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 although Trump sold $2.4 million worth of ETH in December (after his third NFT launch failure), your crypto wallet still contains 471 ETH, which is worth approximately $1.8 million at today’s prices.
But that’s nothing compared to the $7.8 million worth of MAGA (TRUMP) Ethereum meme coin held in the former president’s wallet.
The TRUMP coin initially plummeted, then rose to a all time high of $16.84 shortly after the judge’s verdict was announced. But it did not stop there. On June 1, the TRUMP token reached its current high of $17.51, according to CoinGecko.
At the time of writing, TRUMP is trading for $13.49 after having gained 2.5% since yesterday.
Much of the meme coin political blitz appears to be tied to degens trying play in the market as the clock ticks down to Trump’s sentencing for New York’s July 11 silence case. Each of the 34 charges he was found guilty of carries a maximum sentence of 4 years in prison. But the sentence will ultimately be at the discretion of the judge.
In addition to the hush money conviction, Trump also faces 37 federal charges of illegally withholding documents and obstruction of justice in connection with allegations that he kept confidential documents after his presidency ended in 2021. There is also a pending lawsuit. electoral subversion case who was filed in Georgia for his alleged efforts to overturn the 2020 election results.
Edited by Stephen Graves.