As an experienced financial analyst, I find the recent surge in Donald Trump’s crypto portfolio quite intriguing. The sudden increase of nearly $10 million, primarily due to an airdrop of a new memecoin called TROG, is noteworthy. This memecoin, which capitalizes on Trump’s political branding and the popularity of frog-themed memecoins, has significantly boosted Trump’s crypto holdings.
As a researcher studying the crypto market, I recently came across an intriguing development regarding former US President Donald Trump’s digital asset holdings. According to the crypto intelligence platform Arkham, Trump’s crypto portfolio has experienced a significant surge, reaching nearly $26 million. This growth can be attributed primarily to the recent airdrop of a new memecoin called TROG.
Trump’s Crypto Holding Balloon Above $25 Million
TROG takes advantage of the current trend in meme coins featuring frogs, such as PEPE, while incorporating elements inspired by Trump’s political image. The developers label it as a fusion of meme trends and financial planning, targeting those seeking amusement and investment opportunities within the cryptocurrency scene.
In a playful tone, the official TROG website welcomes you: “Discover the whimsical, unpredictable universe of Trog (Trump Frog) – the humorous crypto coin aiming to rejuvenate the digital currency sector! Originated from internet folklore and influenced by the extraordinary figure of Donald Trump, Trog merges the amusing aspect of memes with the groundbreaking essence of cryptocurrency.”
At the moment of publication, the price of TROG has persisted in rising, resulting in Trump’s stake in this memecoin exceeding $14 million. This significant growth has led to a total crypto wealth for Trump amounting to an impressive $25.97 million. The top four components of his crypto portfolio now consist of TROG ($14.05 million), TRUMP ($7.55 million), Ethereum ($1.79 million), and Wrapped Ethereum ($1.42 million).
Donald Trump’s initial two investments consist of memcoins given as gifts, while his Ethereum (ETH) and Wrapped Ethereum (WETH) are obtained through selling his own Non-Fungible Tokens (NFTs). The earnings from these sales are then moved to his digital wallet.
TROG’s origins can be traced back to the realm of internet memes, specifically a popular photoshop meme depicting Donald Trump with a green frog covering his mouth and chin. This humorous image gained significant traction when artist Mike Mitchell shared several altered versions of Trump’s photo on Twitter in May 2017. Within just a few days, Mitchell’s tweet amassed over 31,600 likes and 14,300 retweets. The meme then rapidly spread across various social media platforms, with many more photoshopped images following suit. Major news outlets like Bored Panda, Mashable, and The Daily Dot also picked up on the trend.
The distribution of TROG’s token economics shows that Trump owns an impressive 50%, equating to around 210.34 billion tokens. Following Trump, the next largest stakeholder owns 1.62% of the supply, which translates to approximately 7.23 billion TROG tokens and a value of roughly $450,000. The dominance of ownership is emphasized as the top 10 holders collectively control over two-thirds (66.72%) of the total supply.
From a researcher’s perspective, the deliberate transfer of half the TROG token supply to Trump’s digital wallet by its creators seems like a well-thought-out plan to capitalize on his extensive public reach and influence. However, the potential consequences of selling such a vast quantity of TROG at current market prices raise doubts. According to Arkham’s assessment, “given the size of this holding, it is highly unlikely that Trump could liquidate it for its full market value, especially if he wasn’t previously aware of its existence.”
At press time, the Trump memecoin (MAGA) traded at $13.06.
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2024-06-05 10:11