An Ethereum address associated with American presidential aspirant Donald Trump has netted over $1 million in profit from a memecoin.
Former U.S. President Donald Trump recently made headlines for his comments that if re-elected, he would not allow the creation of a central bank digital currency (CBDC).
At the same time, the presidential aspirant has been getting heavily involved in the crypto space, albeit with a related entity.
The Trump NFT team previously issued NFTs backed by the former president. In addition, on-chain trackers have spotted addresses linked to Donald Trump, with considerable profits accruing to owned assets.
In one such instance, Arkham Intelligence notes that Donald Trump received $7,100 worth of MAGA (TRUMP), a memecoin named after the former president. The team behind the project made the transfer between August and October 2023.
At the time, TRUMP was valued at around $0.05. However, the resurgence of the cryptocurrency market and increased investor appeal for memecoins mean that the price of TRUMP has grown significantly.
Earlier this week, the price of TRUMP hit $1.90, putting the former president’s holding at around $1.09 million. Although the token’s price has dropped to around $1.50 at the time of writing, the address still remains in substantial profit as they had received the tokens for free from the community.
Trump Builds Deeper Ties With Crypto Community
While the former president has not publicly disclosed his crypto holdings or affiliation with the community, the latest development evidently places him in fine light with the emerging industry.
Last week, the Trump NFT team expanded to the Bitcoin network, issuing collections using Bitcoin-based Ordinals technology.
In a different development, the team cashed out $2.4 million worth of Ethereum, realized from NFT sales and royalties.
This deep involvement with the crypto space might hint at a potential crypto-friendly stance by the Donald Trump administration if he becomes victorious at the 2024 polls.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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