By Michael Scott
The rise in the value of Ethereum-based meme coin leaves Republican Presidential candidate Donald Trump the latest beneficiary. The price rally occurred a month after Trump disposed of his ETH stash in December.
A review of the wallet’s activity shows that Trump held on the Ethereum-based meme coin TRUMP has seen skyrocketing value. The events show that neither party can know when the pile of meme coins could yield serious cash.
The early Dogecoin (DOGE) investors are aware of such an outcome, as are the developers who benefited from the Solana-based Bonk’s airdrop. Former US President Trump is joining the beneficiary list of meme coin growth.
The assessment concluded by blockchain analytics Arkham Intelligence indicates that an Ethereum-based wallet has ties to Trump. The wallet holds the royalties share derived from selling the Trump nonfungible token (NFT) collections.
TRUMP Token Rallies 222%
The Ethereum wallet has 579,000 MAGA tokens in its balances. It implies that the recent surge witnessed in TRUMP meme coins raised the holdings to over $1.1 million, as illustrated in a CoinDesk Wednesday, January 24 publication.
The CoinDesk publication reported that the TRUMP token realized a 222% rally in its seven-day run and 689% in the past fortnight, as per CoinGecko data.
The TRUMP token is living up to the famous volatility exhibited by meme coins, given that their value is subject to social media sentiments and events within the real world. The token rise is attributed to the pair of primary wins by Trump in New Hampshire and Lowa to mark a likely rematch against Biden in the White House.
The Trump wallet lacks association with the TRUMP token creation. Instead, it aligns with the usual trend where the meme coins derive inspiration from public figures and celebrities. The wallets often involve anonymous creation to ride the hype wave and the fear of missing out (FOMO).
A review of data tracked by Etherscan shows that Trump’s wallet received a sizable allotment of TRUMP tokens in several transactions dated October and August last year. Further scrutiny of the most significant transfer executed on August 19 indicates the wallet benefitted with 469,901 tokens worth 45,670, per DexScreener data.
On Wednesday this week, the entire TRUMP tokens stash saw the value rise to $1.1 million, becoming the single largest holding within the Trump-affiliated wallet. Besides, the wallet holds crypto worth $2.6 million, comprising $731,000 Wrapped Ethereum (WETH) and $755,000 Ethereum (ETH).
Trump-Affiliated Wallet Dumped Ethereum
Further analysis of the Trump-affiliated wallet reveals dump activity of $2.4 million of ETH in a three-week period. The sale occurred after the third collection of Polygon-based NFTs was minted.
The market observers indicated that the dump occurred when only half of the NFT collection was successfully minted after the preceding collections sold out.
Arkham Intelligence linked the Ethereum-based wallet to Trump, citing the financial disclosure notice by former President Trump. The wallet holds royalties realized from selling the official licensed NFTs.
The TRUMP tokens appear to be losing the Wednesday rally to exchange hands at $1.29, 19%, down from the all-time high price of $2.2 witnessed mid-week. The token is 422.3% up in the past 14 days and 318.9% in its 30-day run, as per CoinGecko data.