- June 5, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Former US President Donald Trump’s crypto portfolio has surged to nearly $26 million, primarily due to the recent airdrop of a new memecoin. This dramatic increase was highlighted by the crypto intelligence platform Arkham, which revealed via X: “Donald Trump’s memecoin holdings have just doubled, to over $20M. Donald Trump was airdropped half of the TROG supply by their developer team a few days ago. It has now been priced on Arkham, with a market value of over $12M.”
Trump’s Crypto Holding Balloon Above $25 Million
TROG capitalizes on the ongoing popularity of frog-themed memecoins like PEPE, intertwined with themes drawn from Trump’s political branding. TROG’s creators describe it as a blend of meme culture and financial strategy, aimed at capturing both the humor and investment potential of the crypto market.
The official TROG website playfully notes: “Welcome to the wacky, wild world of Trog (Trump Frog) – the meme coin that’s here to make crypto great again! Born from the legendary internet culture and inspired by the one and only Donald Trump, Trog combines the hilarity of memes with the revolutionary spirit of cryptocurrency.”
As of press time, the value of TROG has continued to climb, pushing Trump’s holdings in this memecoin to over $14 million. This substantial increase has elevated Trump’s entire crypto fortune to an impressive $25.97 million. His top-four holdings are now comprised of TROG ($14.05 million), TRUMP ($7.55 million), Ethereum ($1.79 million) and Wrapped Ethereum ($1.42 million).
While the first two assets in Donald Trump’s portfolio are airdropped memecoins, his ETH and WETH holdings stem from his own NFT collection, with the proceeds from these sales transferred to his wallet.
The inception of TROG is rooted in internet meme culture, specifically a photoshop meme featuring Donald Trump with a green frog painted over his mouth and chin. This meme gained popularity when artist Mike Mitchell tweeted several altered photographs of Trump in May 2017. Within a week, the original tweet amassed over 31,600 likes and 14,300 retweets. The meme quickly spread, with additional photoshopped images being shared widely on social media platforms and covered by news outlets like Bored Panda, Mashable, and The Daily Dot.
The tokenomics of TROG reveal that Trump holds exactly 50% of the total supply, which amounts to 210.34 billion TROG tokens. The second-largest holder possesses 1.62% of the supply, or 7.23 billion TROG, valued at approximately $450,000. The concentration of ownership is further underscored by the fact that the top 10 holders control 66.72% of the total supply.
The strategic airdrop of TROG to Trump’s wallet, which includes half of the total supply, appears to be a calculated move by the developers to harness his public profile and influence. However, despite the significant nominal value of these holdings, the practical implications of liquidating such a large amount of TROG at market value are questionable. As Arkham pointed out, “with this much of the supply, it is unlikely that Trump would be able to sell it for market value, if he even knew it existed.”
At press time, the Trump memecoin (MAGA) traded at $13.06.
