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Donald Trump’s Crypto Wallet Flooded with Meme Coins After Guilty Verdict
Fans of former president and convicted felon Donald Trump have been flooding his crypto wallet with meme coins and donations since his guilty verdict was handed down last week. This influx has pushed the value of his holdings above $30 million, according to blockchain analytics firm Arkham Intelligence.
The Rise of Trog (TROG) Meme Coin
In recent days, a wallet linked to Donald Trump by Arkham Intelligence has seen its Trog (TROG) meme coin holdings grow to $19.5 million. This surge is attributed to the team behind Trog, which describes itself as “the meme coin that’s here to make crypto great again” on its website.
The Trog team airdropped half of the coin’s 420,690,000 supply to Trump, making him the single largest holder by far. Consequently, the TROG price has skyrocketed 190% in the past 24 hours, according to DexTools. However, the coin’s low liquidity could result in a price plummet if Trump were to sell his holdings.
Trump’s Crypto Portfolio
Since Trump’s guilty verdict, the price of Ethereum has slightly risen. Despite selling $2.4 million worth of ETH in December, his wallet still holds 471 ETH valued at approximately $1.8 million today. Additionally, Trump’s wallet contains $7.8 million worth of the MAGA (TRUMP) Ethereum meme coin, which reached an all-time high of $17.51 on June 1.
As Trump awaits sentencing for the New York hush money case on July 11, a frenzy of political meme coin activity is observed. Traders are speculating on the market as Trump faces potential prison time for the 34 counts he was found guilty of. These charges include the illegal retention of documents and obstruction of justice, with a pending election subversion case in Georgia.
It remains to be seen how Trump’s crypto holdings will evolve in light of his legal troubles and the ongoing market speculation surrounding his future.
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