Former President Donald Trump Earns 15,000% Return on ‘MAGA’ Token

LUCKNOW (CoinChapter.com) — Former President Donald Trump has reportedly earned a 15,000% return on MAGA token. This cryptocurrency is named after his political movement, MAGA (TRUMP). 

Blockchain intelligence firm Arkham Intelligence reported that the creators of the TRUMP meme coin sent over $7,100 worth of tokens between August and October 2023. As of January 2024, Trump’s holdings are estimated to be worth over $1.07 million. 

Arkham Intelligence highlighted these huge returns, as shown below. 

It is important to note that Trump has no official affiliation with the TRUMP meme coin, nor has he ever publicly endorsed it. In the crypto space, token creators usually send coins to the public wallet addresses of high-profile individuals to garner attention. 

From $5,600 to $1.07 Million in Just Few Months

The airdropping of MAGA tokens to Trump’s wallet address occurred in August 2023, shortly after his address was publicly tagged. The most significant single transaction was recorded on Aug. 19, when Trump received 469,000 TRUMP, worth about $5,600. Over the next two months, Trump’s wallet received more tokens worth around $1,500.

At its peak, the price of TRUMP reached $2.32, giving the meme coin a market capitalization of $96 million. The current price is around $1.82.

Additionally, the TRUMP tokenomics specify a fixed maximum supply of 47 million coins in circulation. This limited coin supply helps preserve scarcity and increase speculative demand.

The creators of the TRUMP meme coin have incorporated a 1% transaction fee into every trade. This fee helps fund several initiatives tied to the coin’s motto, “Make Crypto Great Again.” Specifically, the development team claims that they use a portion of all fees to support US military veterans and prevent child trafficking. They also use 0.66% of this tax to finance the memecoin’s marketing, technological development, and liquidity provisions.

Meanwhile, Arkham Intelligence has also reported that Trump recently liquidated over 1,000 Ethereum. This bulk of Ether sold by Trump might come from royalties earned on his various NFT ventures. The creators of the TRUMP memecoin have donated a total of 100 ETH till now. The official X account @MAGAMemecoinrecently shared a post on X celebrating the moment.

“We have officially reached 100 ETH on our 23rd week of sending donations! This week, we sent 15.1 Ethereum to @NVHS,” the official account wrote.