New memecoin airdrop propels Donald Trump’s crypto portfolio to $34M

    The former president of the US, Donald Trump, has stirred various conversations in the crypto market lately.

    Meanwhile, his crypto fortune grabbed attention as it hovers near the $34 million mark – a significant surge.

    Now over $30M

    — Arkham (@ArkhamIntel) June 5, 2024

    Crypto firm Arkham revealed that Trump’s meme tokens holdings surpassed the $30 million mark.

    The latest TROG airdrop, which saw the billionaire receiving 50% of the supply, contributed to this increase.

    Meanwhile, Trog maintained bullishness at press time, pushing Trump’s portfolio balance in TROG to above $14 million.

    Memecoins paint Trump’s crypto portfolio green

    Themed digital coins have flourished during this year’s bull rally, with PepeCoin outperforming established projects.

    TROG looks to leverage the current craze behind meme assets with its Trump-themed branding, which saw the token gaining immense popularity within the crypto world.

    Developers describe the “Trump Frog” as a perfect blend of financial opportunities and the meme culture, integrating humor into the transforming power of cryptocurrencies.

    According to the official website,

    “Trog combines the hilarity of memes with the revolutionary spirit of cryptocurrency.”

    The inception of “Trump Frog”

    TROG arrived at the crypto market like the original themed token, Dogecoin. An internet meme of Donald Trump photoshopped with a frog on his face gained massive popularity in mid-2017.

    TROG spread like wildfire on social media sites, and news coverage inspired TROG meme token creation.

    Meanwhile, Trump holds around 210.34 billion Trog coins, half of the asset’s overall supply. The second-largest investor has 7.23 billion tokens, 1.62% of TROG’s supply.

    Moreover, the top ten investors hold over 66% of Trog’s supply, and the concentrated ownership has triggered debates about future volatility.

    Arkham stated that the massive token supply could hinder Trump from selling TROG based on market value.

    Nonetheless, the substantial TROG airdrop into Trump’s portfolio reveals a calculated strategy to utilize the billionaire’s popularity and influence in the digital assets industry.

    For instance, the memecoin industry displayed wild fluctuations as the court found the former president guilty in a hush-money trial.

    Trog’s current price outlook

    TROG traded at $0.0001064 during this writing, up a staggering 215% over the past day.

    TROG 1D Chart on Coinmarketcap

    Its 24-hour trading volume jumped 110% to $15.2 million within that timeframe, highlighting magnified investor activity.

    However, enthusiasts should consider the dangers of high ownership concentration when interacting with volatile assets.

    The post New memecoin airdrop propels Donald Trump’s crypto portfolio to $34M appeared first on Invezz

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