The crypto space is known for its unpredictable nature, where a user can gain way beyond their imagination or lose everything in a second.
This is what happened in former President Donald Trump's portfolio, which is reported to have gained up to 15,000% on a meme coin called MAGA (TRUMP). This massive move was revealed by the crypto-intelligence firm Arkham Intel.
Arkham Intel via a post on X (formerly known as Twitter), stated on January 24 that Donald Trump's former receipt of $7,100 worth of MAGA (TRUMP) tokens that was moved between August and October 2023 has skyrocketed to more than $1.07 million.
The crypto intelligence firm stated: "Donald Trump makes $1M on TRUMP Memecoin. Donald Trump's holdings of TRUMP have just passed $1 million. He originally received $7,1K of TRUMP […] That's 150x. […] Now that TRUMP is $1.90, his holdings have increased by 15,000%. Is he outperforming most of CT?"
It's worth noting that former President Donald Trump got a bigger amount of his MEGA (TRUMP) coin immediately after his address was revealed in August 2023.
The transaction shows that the former president received 469,000 TRUMP tokens, which were worth over $5,000. Two months later, the American billionaire got more TRUMP tokens worth $1,500 at that time.
The MEGA (TRUMP) token is currently trading at $1.50 per token with a high of $2.32, which briefly pumped Donald Trump's holdings to $1.343 million.
Meanwhile, the former president is holding about 579,281 TRUMP tokens, which are worth about $868,920.
Name after the former American president and his political ambitions, the MEGA (TRUMP) token has the slogan "Make Crypto Great Again".
The meme coin has a unique tokenomics framework that has a 1% tax on transactions while allocating units of these funds to United States veterans for liquidity purposes, development, and marketing. According to its tokenomics, the meme coin has a total support of 47 million tokens.
Apart from gaining recognition in the crypto space because of former president Donald Trump, the MEGA token has been endorsed by other top politicians like Ron DeSantis and Vivek Ramaswamy.
Donald Trump's push to be reelected as the U.S. president in the forthcoming 2024 US presidential election could have a massive impact on MEGA token market value.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.