Former US President Donald Trump has turned into the centre of a windfall driven by cryptocurrencies.
Data from market research company Arkham research shows that Trump’s portfolio of cryptocurrencies has skyrocketed by an astounding 4,000% – mostly because to the explosive ascent of the “Save America” meme coin, lovingly referred to as “Trump.”
The article claims that Trump’s linked crypto wallet has been the target of several Trump token airdrops; the most recent one happened just 30 minutes before the study.
With the Trump meme coin alone accounting for an astounding $1.30 million of rise, these kind donations have driven the value of the wallet from a meagre $7.4 million to a startling $9 million in a single day.
From Humble Beginnings To Crypto Dominance
The crypto trip Trump has taken has been rather amazing. His wallet at January 1st included just $142,500 worth of Trump tokens and $778,000 in Ethereum (ETH).
But in the months afterwards, his cryptocurrency business has grown rapidly; his ETH holdings now total $1.30 million and the wallet holds about 580,000 Trump coins valued at $5.8 million.
Steven Steele, the marketing director for the Trump meme coin, said this is unmistakable evidence of the support from the wider crypto community as well as Trump’s fan base.
He clearly embraces cryptocurrencies, and this has surely helped the Trump token to become rather popular.
Trump Token: Political Influence Meets Crypto Speculation
Trump’s crypto bonanza is evidence of the interaction between political influence and the speculative character of the cryptocurrency market, not only a financial oddity.
The pro-crypto posture of the former president—that of pledging to let Americans use Bitcoin for regular transactions should he be re-elected—has energised both his fans and the larger crypto community.
According to the analysis, Trump’s extraordinary increase in crypto holdings emphasises the significant impact well-known personalities can have over the market.
Trump’s crypto approach and the backing of his fans could set a standard for other political leaders using digital assets as the 2024 fight approaches.
Particularly with relation to politically sensitive or meme-based assets, the rising value of the Trump token emphasises the fragile and speculative nature of the crypto economy.
Featured image from Getty Images, chart from TradingView