KEY POINTS
- The Trump-linked wallet held over $26 million worth of memecoins and Ether last week
- TROG tokens lost 90% of their value, nosediving from $24.7 million to a mere $2 million
- Trump-themed tokens remained popular Tuesday, with 6 Trump memecoins on CoinGecko's Top 10
A wallet linked to former President Donald Trump has lost millions as memecoin prices plunged, including the massive wipeout of the TROG token's value.
Just last week, the wallet that held billions in memecoins and some Ether (ETH) topped $26 million following a dump of TROG coins worth over $14 million at the time. However, things took a dramatic turn in just days as the TROG tokens lost 90% of their value from $24.7 million to some $2 million, according to leading blockchain analytics firm Arkham Intelligence.
As of late Tuesday, the wallet only held some $13.9 million worth of various cryptocurrencies, mostly memecoins. The MAGA (TRUMP) coins lost over $214,000 in value, Ethereum tokens shed nearly $20,000, Wrapped Ether (WETH) lost more than $20,000, and 210 billion TROG coins lost more than $300,000 in the last day.
Arkham noted that the business mogul did not purchase any of the memecoins in his wallet, as they were "sent to him by project developers." At one point on June 6, the said account hit highs of $33.15 million.
Despite the value plunge of the memecoins on the digital wallet linked to the Republican presidential candidate, several Trump-themed coins have retained popularity, as per data from CoinGecko.
The top three trending "PolitiFi" tokens late Tuesday were TRUMP, MAGA Hat (MAGA), and Super Trump (STRUMP), despite the latter being down 11% in the last 24 hours.
The TRUMP coin also remains the top PolitiFi token based on market capitalization. Six Trump-themed tokens are in the top 10 in the ranks.
Trump has yet to confirm whether the wallet is indeed his, but he has also not denied anything since Arkham first announced that it has identified the former U.S. president's digital wallet.
Meanwhile, Trump's road to the 2024 elections has been riddled with bullets from his legal battles, but his popularity among cryptocurrency users appears to have climbed in recent months.
A mid-March poll showed that the majority of American voters with digital asset holdings are planning to vote for Trump over President Joe Biden. As per the poll, 48% of crypto voters prefer Trump, while 39% are looking to stick with the incumbent president during the November 2024 elections.
Geoffrey Kendrick, a crypto analyst at investment banking giant Standard Chartered, recently said he expects a second Trump government "to be actively supportive of BTC (and digital assets more broadly)" through looser regulations on the vast industry.
