- Trump-associated Ethereum management gets $1M in memecoin MAGA profits, highlighting its crypto influence.
- Trump NFT team’s expansion into Bitcoin and $2.4M sale in Ethereum suggests potential crypto-favorable stance.
In an interesting confluence of politics and memecoin, an Ethereum address associated with U.S. presidential hopeful Donald Trump has generated more than $1 million in profits from a memecoin. While Trump recently declared that, if re-elected, he would prevent the creation of a central bank digital currency (CBDC), in parallel his involvement in the crypto space has emerged.
The Trump NFT outfit, which issued non-fungible tokens (NFTs) linked to the former president, has seen Trump-associated addresses make significant profits. According to Arkham Intelligence, Trump received $7,100 in MAGA (TRUMP), a memecoin named after the former president, with a shipment made between August and October 2023.
At the time, TRUMP was worth approximately $0.05. However, with the resurgence of the cryptocurrency market and growing investor interest in memecoins, the price of TRUMP has risen sharply.
Earlier this week, the price of TRUMP hit $1.90, valuing the former president’s holdings at around $1.09 million. Although the token price has fallen to around $1.50 at the time of this article, the associated address still maintains a substantial profit, as it received the tokens for free from the community.
Trump’s connection to the crypto community is further deepened by the recent activities of the Trump NFT team , which has expanded its reach into the Bitcoin network, issuing collections using Bitcoin-based Ordinal technology.
In another development, the team has liquidated $2.4 million in Ethereum from NFT sales and royalties. This deep involvement could hint at a possible favorable stance toward cryptocurrencies by the Trump administration if he is victorious in the 2024 election.
