Donald Trump Owns Memecoins, Here’s What The 45th President Holds

By Anthony • June 4, 2024 3:01 pm • Comments

A new report by Benzinga reveals Donald Trump owns memecoins.

It’s already been well documented that Trump owns ETH through his various NFT projects, but a closer look at Trump’s crypto wallet reveals that the 45th president holds memecoins.

Trump’s largest position of memecoins is the cryptocurrency MAGA Coin (TRUMP).

Trending: Here’s How Much Crypto VP Kamala Harris and Second Gentleman Doug Emhoff Own

Trump obtained MAGA coin when the founders of teh project sent Trump 580,000 tokens.

At the time the founders sent the coin, the price of MAGA coin was $0.01.

Since then, the price of MAGA Coin has skyrocketed to $17.50, which makes Trump’s position in the memecoin worth $8.5 million.

The former president also holds $7 million in TROG, a frog-themed memecoin.

In total, Trump holds over $20 million worth of crypto.

Take a look:

Benzinga added these details:

The largest holdings in Trump’s portfolio are memecoins. A growing trend has been to send a large portion of the total supply of a token to a celebrity. Shiba Inu first popularized this idea by sending half of the token supply to Ethereum founder Vitalik Buterin. The idea has since taken off, with Trump benefiting in the tens of millions.

Trump’s largest memecoin position is MAGA Coin (TRUMP). When the project launched, the founders sent Trump 580,000 tokens, worth just a few thousand dollars at the time. However, the position has since ballooned to nearly $8.5 million, as TRUMP has risen from less than $0.01 to over $17.50 in less than a year.

Additionally, Trump owns half the supply of TROG, a frog-themed memecoin. Though the project is relatively small, owning half the supply means Trump holds over $7 million in TROG.

Trump holds over 50 other memecoins in his portfolio, but none of the tokens amount to anything significant. In total, Trump holds over $20 million in crypto assets.

Per Watcher Guru:

The cryptocurrency market has witnessed the arrival of several prominent figures. From outrightly bashing the market to diving right into it, Donald Trump has surprised many in the community. The former U.S. President now holds an eight-figure sum in various meme coins. Unlike traditional investments or trading, these holdings have accrued through daily airdrops from developers of different meme coin projects.

This event further underscores the unique confluence of politics and cryptocurrency. It marks the rise of “PolitiFi,” which is a blend of political figures and decentralized finance [DeFi].

Developers of several meme coins have been sending tokens to Trump’s public Ethereum address. They have been leveraging his fame and the media attention it generates. This tactic has significantly boosted Trump’s digital portfolio, pushing it past the $10 million mark.

One of these instances is when a trader achieved a phenomenal return of 20,000,000% on TRUMP tokens. The journey began when the address 0x5Fc spent just $25 to buy 376,000 TRUMP tokens about ten months ago. Most of these meme coins were transferred to 0xc31, who held onto them without selling them. Today, this holding is valued at over $5 million, highlighting the extreme volatility of potential gains in the market.

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.

 

Search ProCoinNews