Donald Trump’s crypto wallet jumped 50% in value after a cryptocurrency named after his MAGA movement surged.
What Happened: The so-called MAGA coin, which trades under the ticker TRUMP, is leading the list of gainers in the former president’s portfolio, Arkham Intelligence data shows.
The value of the MAGA memecoin portfolio surged from $1.07 million as of Jan 22, to around $1.61 million, with TRUMP surging from $1.85 to $2.80 currently.
The other notable holdings of the portfolio include WETH WETH/USD, Ethereum ETH/USD and Polygon MATIC/USD. The portfolio shows over $2 million in profit:
Also Read: ‘First Memecoin I’ve Seen That Can Rival Doge/Shib’ – Crypto Fund Buys TRUMP Token
Why It Matters: The MAGA coin rally is a silver lining for its namesake. Trump has reportedly spent over $76 million in legal fees over the past two years due to multiple lawsuits and 91 criminal charges.
Qiao Wang from Alliancedao, an accelerator network, said his “inconsequential thesis” from earlier this year had played out, with $TRUMP being a $120 million coin, trading $7 million per day.
Talk show host Steven Steele called the TRUMP coin “the play of 2024 and just getting warmed up.”
Another X user revealed that his initial 1.5 ETH investment in TRUMP has surged to $1.53 million, marking a significant 440c increase since the initial call. In another tweet, he said that TRUMP is not his first million-dollar success.
While Trump has tried to profit off of non-fungible tokens bearing his likeness, he has notably said he is “not a fan of Bitcoin or other cryptocurrencies,” emphasizing that their value is “based on thin air.”
Polymarket odds favor Trump’s re-election in the 2024 U.S. presidential race at 53%.
Although, Moody’s Analytics expects President Joe Biden to win the 2024 election with 308 electoral votes — 38 more votes than the 270 needed to win re-election.
What’s Next: The GameStop meme coin has also surged in recent weeks, with some pointing it to be the most legendary meme coin in crypto history.
Read Next: GameStop, Dogwifhat And ‘Dogecoin Killers:’ How Memecoins Teach A ‘Skill To Succeed’ In Crypto
Image: Magamemecoin.com/Arkham
Image and article originally from www.benzinga.com. Read the original article here.