Fans of former president and convicted felon Donald Trump have been flooding his crypto wallet with meme coins and donations since his guilty verdict was handed down last week.
That influx has been enough to push the value of his holdings above $30 million, according to blockchain analytics firm Arkham Intelligence.
In the past couple days, a wallet that’s been 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.
That’s in part because of the team behind the Trog, short for Trump Frog. The meme coin describes itself as “the meme coin that’s here to make crypto great again” on its website.
The TROG team airdropped half of the coin’s 420,690,000 supply to Trump, making him the single largest holder by far. And now the TROG price has skyrocketed 190% in the past 24 hours, according to DexTools. Of course, were Trump to attempt to sell his TROG holdings—if he’s even aware he has them—the price would likely plummet given its low liquidity.
Now over $30M https://t.co/I6fptmhV3E pic.twitter.com/UtRZiFaeWF
— Arkham (@ArkhamIntel) June 5, 2024
Keep in mind that none of this is happening in a vacuum.
Since Trump was found guilty on Friday, May 31, the price of Ethereum has risen slightly. And although Trump sold $2.4 million worth of ETH in December (after his third failed NFT launch), his crypto wallet still holds 471 ETH that’s worth approximately $1.8 million at today’s prices.
But that’s nothing compared to the $7.8 million worth of the MAGA (TRUMP) Ethereum meme coin held in the former president’s wallet.
The TRUMP coin initially took a nosedive, then surged to an all-time high of $16.84 not long after the judge’s verdict was announced. But it didn’t stop there. By June 1, the TRUMP token reached its current all-time high of $17.51, according to CoinGecko.
At the time of writing, TRUMP is trading for $13.49 after having gained 2.5% since this time yesterday.
Much of the political meme coin blitz seems to be tied to degens trying to play the market as the clock ticks down to Trump’s sentencing for the New York hush money case on July 11. Each of the 34 counts he was found guilty of carries a maximum penalty of 4 years in prison. But the sentencing will ultimately come down to the judge’s discretion.
Apart from the hush money conviction, Trump is also facing 37 federal charges for the illegal retention of documents and obstruction of justice in connection with allegations he kept classified documents after his presidency ended in 2021. There’s also a pending election subversion case that’s been filed in Georgia for his alleged efforts to overturn the 2020 election results.
Edited by Stephen Graves.
