Former U.S. President Donald Trump’s cryptocurrency holdings has recently surged to over $33 million over a recent memecoin airdrop that saw the presidential candidate’s holdings of memecoins surpass the $28 million mark.
According to data shared by blockchain analytics firm Arkham Intelligence, Trump was airdropped half of the supply of the newly launched memecoin $TROG by its development team a few days ago, with the market value of those tokens being above the $21 million mark.
The firm noted, however, that given the supply airdropped to the former U.S. President, he would unlikely be able to sell these holdings for their market value. Along with TROG, Trump also has $TRUMP tokens in his wallet worth around $8 million, along with 471 Ether and 375 wrapped Ether, as well as dozens of other airdropped memecoins.
TROG, which makes up the bulk of Trump’s holdings, leverages the enduring appeal of memecoins like PEPE, while also incorporating elements from Trump’s distinctive political identity. The team behind TROG touts it as a fusion of internet meme charm and savvy investment tactics, targeting both the comedic aspect and the financial promise within the cryptocurrency sphere.
The project’s website welcomes users to the “wacky, wild world of Trog (Trump Frog) – the meme coin that’s here to make crypto great again!” It adds the memecoin “combines the hilarity of memes with the revolutionary spirit of cryptocurrency.”
Trump’s ETH and WETH holdings, it’s worth noting, are a result of his non-fungible token (NFT) trading cards, which saw their floor price surge to over $1,000 at one point, and other NFT collections he is associated with.
Airdropping memecoins to Trump’s wallet is seen as a marketing tactic by projects, as his wallet is closely monitored and securing a top position in it allows the project’s team to leverage his public profile and influence for visibility.
Notably the former U.S. President has been warming up to the cryptocurrency space, recently making several pro-crypto comments on his social media platform Truth Social — which is part of the Trump Media & Technology Group (TMTG) and aims to provide an alternative to established social media networks such as Twitter and Facebook — and at a convention.
These comments saw Trump express strong support for the cryptocurrency industry, declaring himself open-minded and enthusiastic about its potential, while suggesting he will “keep Elizabeth Warren and her goons away from your bitcoin, and I will never allow the creation of a central bank digital currency.“
Featured image via Unsplash.
