Former President Donald Trump has made headlines in the cryptocurrency world with an astounding 15,000% return on his investment in the meme coin “TRUMP” (MAGA).
In a crypto market filled with uncertainties, former US President Donald Trump’s investment in the meme coin TRUMP has reaped extraordinary rewards. Arkham Intel, a crypto intelligence firm, recently revealed that Trump’s initial investment of $7,100 in TRUMP tokens between August and October 2023 has ballooned to an astonishing worth of over $1.07 million.
Trump’s remarkable investment
Arkham Intel shared this remarkable revelation on X (formerly Twitter), emphasizing the substantial gains Trump has made on his TRUMP holdings. Despite the initial investment of just $7,100, his TRUMP holdings are now valued at nearly $1.07 million, representing a staggering 15,000% return on his investment. The firm highlighted that TRUMP’s trading value currently stands at $1.90 per token.
Trump acquired the majority of his TRUMP holdings shortly after his address was tagged on August 16th, 2023. In a significant transaction, he received 469,000 TRUMP tokens, valued at $5,600 at the time, on August 19th. Additionally, two months later, he received another substantial sum of TRUMP tokens, valued at around $1,500.
Although TRUMP’s current trading value is $1.50, Trump’s holdings remain substantial, totaling $868,920 for his 579,281 TRUMP tokens. The meme coin’s market cap reached its peak at $96 million, with a high trading price of $2.32 per TRUMP, briefly pushing Trump’s return to $1.343 million.
Understanding the TRUMP Meme Coin
The TRUMP meme coin, bearing the slogan “Make Crypto Great Again,” stands out for its unique tokenomics structure. It features a 1% tax on transactions, with the funds allocated to causes such as US Veterans support, Child Trafficking Prevention, marketing, development, and liquidity. The coin has a total supply of 47 million tokens.
The official Twitter account of the TRUMP meme coin, @MAGAMemecoin, recently celebrated a milestone of receiving a total of 100 ETH in donations. The latest contribution went to the National Veterans Homeless Support, underscoring the community’s dedication to philanthropy and social causes.
Political endorsements boost TRUMP
The TRUMP token has gained not only financial traction but also significant cultural and political relevance. Notably, political figures like Ron DeSantis and Vivek Ramaswamy have dropped their presidential campaigns to endorse Donald Trump, further fueling the bullish sentiment around the token.
Content creator Jake Gagain remarked on TRUMP’s impressive performance, saying, “Another All-Time High For TRUMP As Ron DeSantis Suspends His Presidential Campaign To Endorse Donald J. Trump. The More TRUMP Wins, The Higher TRUMP Goes. 2024 Is Looking Bullish For @MAGAMemecoin.” Crypto influencer McKenna added, “DeSantis & Vivek have both dropped out of the US presidential race and have both endorsed Trump for the Republican nominee. I don’t think I’ve seen a clearer bet for 2024 than TRUMP.”
Trump’s engagement with crypto
Trump’s indirect but noticeable engagement with the crypto community, including the issuance of NFTs and on-chain activities, suggests a growing connection with the industry. The recent move of Trump NFTs to the Bitcoin network via Ordinals and the successful cash-out of Ethereum assets indicate a nuanced but substantial involvement in the crypto space.
Trump’s involvement in the crypto world, coupled with his public stance against the creation of a central bank digital currency (CBDC) if re-elected, presents a complex picture of the former president’s relationship with the burgeoning digital asset sector. As the 2024 US presidential election approaches, the intersection of Trump’s political trajectory and the TRUMP token’s performance remains an intriguing point of interest.
As the 2024 US presidential election draws near, all eyes are on the intersection of Trump’s political journey and the performance of the TRUMP meme coin, making it a compelling narrative in the world of cryptocurrency. At the time of this writing, TRUMP is trading at $1.77, maintaining its position in the crypto market with a 5.24% increase on the daily.