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The joke token TRUMP, which was once valued a few thousand dollars and was delivered to a cryptocurrency wallet bearing Donald Trump’s name, has unexpectedly seen its value jump to almost $1 million, as per statistics recorded by Arkham.
The August token, known as TRUMP, has nothing to do with the previous US President. On the other hand, investors have taken advantage of the situation to see these tokens as a speculative wager on Trump’s revived campaign.
The joke coin’s creators first sent $7,100 worth of TRUMP to Trump’s wallet between August and October of 2023. A popular marketing tactic used by meme coin creators to draw attention and stimulate interest in purchases is sending tokens to the wallet of a well-known person.
Although the pricing of these speculative tokens were relatively consistent for several months after they were issued, Trump’s recent triumphs in the primaries have sparked renewed interest in them. From 19 cents in November to more over $2 on Wednesday, the value increased dramatically, giving the company a market capitalization of more than $85 million.
Remarkably, Trump’s wallet, which at one point contained nearly $4 million, is currently worth $2.5 million. It consists of $750,000 worth of wrapped ether (WETH) and ether (ETH) apiece, as well as small quantities of additional tokens that were probably given without request.
The wallet’s worth increased significantly in December when a $2.5 million tranche of ether was moved to the Coinbase cryptocurrency market. The original source of these cash was royalties associated with the official Trump NFT collection.
Although the TRUMP token is still making news, it is only one of several Trump-themed meme tokens that are being traded on other blockchains. This specific group of tokens is also garnering a lot of support from the community.