The on-chain address marked as Trump currently holds TRUMP tokens worth over 1 million dollars

ChainCatcher news, according to CoinDesk, Arkham's tracking data shows that the on-chain address marked as Donald Trump currently holds over $1 million worth of TRUMP tokens. The issuance of Trump tokens is not directly related to the former U.S. president, but some people are using these tokens as speculative bets on his ongoing presidential campaign.

These tokens were issued in August, and Trump's wallet initially received $7,100 worth of TRUMP tokens from the developers of the token between August and October 2023. Sending tokens to a wallet associated with a popular entity is sometimes used by meme token developers as a marketing strategy, as it can attract attention and buying interest. The token's price remained relatively stable for several months after its issuance. However, Trump's recent victory in the primaries has re-entered him into the 2024 presidential election race, causing these speculative tokens to surge from 19 cents last November to over $2 this Wednesday. Data shows that the market capitalization of these tokens exceeded $85 million on Wednesday.

There are several other Trump-themed meme tokens in the market, distributed across different chains. Meanwhile, the value of the tokens held in Trump's wallet has soared to $2.5 million. It holds $750,000 worth of ETH and WETH each, along with a small amount of several other tokens, most of which were likely sent to the wallet unsolicited.