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Thursday, February 22, 2024

Donald Trump’s ETH wallet holds $1.1 million in MAGA coin

US presidential candidate Donald Trump is a memecoin investor. But where did the coins come from and how much profit did the 77-year-old make?

In an unexpected revelation, former President Donald Trump has been unveiled as a memecoin investor, adding a surprising twist to his multifaceted profile as a reality TV star, building contractor, and the 45th President of the United States. The findings come from a study conducted by the analysis platform Arkham, which successfully linked the 77-year-old to an Ethereum (ETH) address.

Trump’s crypto portfolio is not only significant, but it also includes the memecoin TRUMP, identifiable by the trading symbol MAGA. The ex-president boasts a substantial holding of over 579,000 MAGA tokens, amounting to approximately $1.1 million.

The memecoin’s ascent in value can be partially attributed to Trump’s electoral triumphs in Iowa and New Hampshire, where he outperformed his Republican rival, Nikki Haley. Following these victories, MAGA experienced a surge in value, rising from $0.38 to $1.98, and currently maintaining a trading value of $1.82.

The exact circumstances surrounding Trump’s acquisition of these coins remain somewhat elusive. Etherscan data indicates that the Republican’s ETH address received the MAGA tokens between August and October 2023, with a significant portion arriving on August 19th. At that time, the equivalent value of the tokens stood at around $5,790.

Beyond MAGA, Trump’s crypto portfolio extends to Ethereum (ETH: $755,000, WETH: $735,000) and some Polygon ($3,500). Interestingly, during his presidency, Trump was generally perceived as a stern crypto opponent. Whether his stance has evolved remains uncertain, but the topic continues to be part of his agenda. During the primary elections, the 77-year-old expressed criticism of a US Central Bank Digital Currency (CBDC).

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