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Fans of former president and convicted felon Donald Trump have flooded his cryptocurrency wallet with meme coins and donations since his conviction last week.
The influx was enough to push the value of his holdings to more than $30 million, according to blockchain analytics firm Arkham Intelligence.
Over the past few days, Trog (TROG) meme coin holdings in wallets linked by Arkham Intelligence to Donald Trump have grown to $19.5 million at the time of this writing.
This is partly due to the team behind Trog, which stands for Trump Frog. Meme Coin is described on its website as “a meme coin that is here to make cryptocurrency great again.”
The TROG team airdropped half of the 420.69 million coin supply to Trump, making him by far the largest holder. Now, the price of TROG has surged 190% in the last 24 hours, according to DexTools. Of course, what if Trump tried to sell his TROG holdings? have Due to low liquidity, the price is likely to plummet.
Keep in mind that none of this happens in a vacuum.
After Trump was found guilty on Friday, May 31st, Ethereum price There was a slight increase. And although Trump sold $2.4 million worth of ETH in December (after his third failed NFT launch), his cryptocurrency wallet still holds 471. At current prices, that’s about $1.8 million worth of ETH.
But that’s nothing compared to the $7.8 million worth of MAGA (TRUMP) Ethereum meme coins stored in the former president’s wallet.
TRUMP Coin initially plummeted, but surged to an all-time high of $16.84 not long after the judge’s ruling was announced. But it didn’t end there. By June 1, the TRUMP token had now reached an all-time high of $17.51, according to CoinGecko.
As of this writing, TRUMP is trading at $13.49 after rising 2.5% since this time yesterday.
As Trump’s sentencing in the New York hush money case approaches on July 11, much of the political meme coin barrage appears to have to do with degenerates trying to take advantage of the market. Each of the 34 charges he was found guilty of carries a maximum penalty of four years in prison. However, sentencing ultimately rests with the judge’s discretion.
In addition to the hush money conviction, Trump faces 37 federal indictments on charges of unlawful retention of documents and obstruction of justice related to allegations that he kept classified documents after his presidency ended in 2021. The state of Georgia accused of attempting to overturn the 2020 election results.
Edited by Stephen Graves.
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