US presidential candidate Donald Trump has made a 150x return from a memecoin riding his 2024 election success. The MAGA (TRUMP) coin, a nod to Trump’s ‘Make America Great Again’ catchphrase, has netted the former president $1.2 million as he waits to gauge the popularity of his new NFT collection.
The MAGA development team reportedly sent over $7,100 worth of TRUMP to Donald Trump between August and October last year. The coins are not endorsed by the former US president.
Trump Crypto Coin Increases After Win
According to blockchain intelligence platform Arkham Intelligence, Trump received 469,000 TRUMP on August 29, 2023, worth around $5,600. Around two months later, the former president received $1,500 worth of the token.
The wallet with TRUMP now holds roughly $2 million in crypto. The price of TRUMP in November was around $0.19. It trades for $2.05 and has a market capitalization of over $85 million.
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The token’s price appears to rise and fall on Trump’s election success. In the past 24 hours alone, the asset has been up over 52% following the presidential candidate’s victory over Republican opponent Nikki Haley in the New Hampshire primaries yesterday.
The win means that Trump has made a strong start to securing a Republican nomination for the general elections in November. He was confident in a pre-election speech on Monday.
“They’re going to all vote for me again. I’m not sure we need too many. I’m not sure. I think that [US President Joe] Biden is the worst president in the history of this country. But we’re going to all come back. They’re all coming back. And I think you see that,” Trump stated.
Trump Hates Crypto and CBDCs But Supports NFTs
At a political gathering on Monday night, the former president said that if he became president, he would never allow a central bank digital currency (CBDC). He credited former Republican candidate Vivek Ramaswamy, who was the only pro-crypto candidate to draft a crypto framework, for highlighting the dangers of a CBDC. Ramaswamy has dropped out of the race but has given Trump his full backing.
Last week, Trump reportedly sold 1,000 ETH, which was believed to be proceeds from the sales of his NFTs. A new “Mugshot Edition” NFT collection with 200 unique trading cards was revealed recently. The owner of 100 cards will become eligible to receive a Bitcoin Ordinals inscription.
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Pieces in the NFT collection cannot be resold until December 2024. In contrast to the TRUMP memecoin, the NFTs have no association with Trump’s political campaign.
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