Donald Trump’s crypto wallet has seen a significant increase in value after a cryptocurrency named after his MAGA movement experienced a surge. The MAGA coin, trading under the ticker TRUMP, has become the top gainer in the former president’s portfolio.
According to data from Arkham Intelligence, the value of the MAGA memecoin portfolio has jumped from $1.07 million to around $1.61 million, with TRUMP’s price rising from $1.85 to $2.80. Other notable holdings in the portfolio include WETH, Ethereum, and Polygon, resulting in over $2 million in profit.
This rally in the MAGA coin comes as good news for Trump, who has reportedly spent over $76 million in legal fees over the past two years due to multiple lawsuits and criminal charges. The increase in the value of his crypto holdings provides a silver lining amidst these expenses.
Qiao Wang, from accelerator network Alliancedao, mentioned that his earlier thesis about TRUMP being a coin worth $120 million, with daily trading volume of $7 million, has played out. Talk show host Steven Steele also called the TRUMP coin “the play of 2024 and just getting warmed up.”
Twitter users have shared their success stories with TRUMP, with one user revealing that their initial 1.5 ETH investment in TRUMP has surged to $1.53 million. While Trump has ventured into the world of non-fungible tokens (NFTs) bearing his likeness, he has expressed skepticism about cryptocurrencies, stating that their value is “based on thin air.”
Despite the success of the TRUMP coin, odds from Polymarket favor Trump’s re-election in the 2024 U.S. presidential race at 53%. However, Moody’s Analytics expects President Joe Biden to win with 308 electoral votes, surpassing the 270 votes needed for re-election.
In addition to the TRUMP coin, the GameStop meme coin has also experienced a surge in recent weeks, with some considering it the most legendary meme coin in crypto history.
The rise of meme coins, such as TRUMP and GameStop, demonstrates the growing popularity and influence of these digital assets. As the cryptocurrency market continues to evolve, it remains to be seen how these meme coins will perform in the long term and whether they will have a lasting impact on the crypto industry.
