Former US President Donald Trump's #kripto coin portfolio has largely suffered the impact of the recent launch of a new meme coin. Accordingly, it has shown a significant increase, currently reaching approximately 26 million dollars. This increase was highlighted by Arkham, a crypto intelligence platform. Arkham reported that Trump's holdings in the meme coin TROG doubled to over $20 million following the airdrop. Inspired by meme culture and Trump's political branding, TROG quickly gained popularity in the crypto market.
TROG Gained Famous
Dubbed the âTrump Frog,â TROG combined meme-based humor with cryptocurrency investment potential. Its creators aimed to capitalize on the frog-themed meme coin trend like PEPE by incorporating Trump's image and ideology into its brand. The coin's official website humorously describes it as combining "the hilarity of memes with the revolutionary spirit of cryptocurrency."
Currently, TROG's value continues to rise. This increase pushed Trump's holdings in this meme coin alone to over $14 million, bringing his entire crypto fortune to approximately $25.97 million. Besides TROG, Trump's top holdings include TRUMP, Ethereum (ETH), and Wrapped Ethereum (WETH). The last two assets originate from NFT collectible sales.
Origins of TROG
TROG's origins traced back to internet meme culture, specifically a photo-manipulated meme featuring a green frog over Trump's mouth and chin. This meme gained widespread attention across social media platforms and news outlets and ultimately inspired the creation of the TROG meme coin.
Currently, Trump holds 50% of TROG's total supply, which stands at 210.34 billion tokens. Accordingly, this demonstrated significant ownership concentration among a small group of owners.
Even though the number is high
Despite the high nominal value of Trump's holdings, there are questions about the practicality of liquidating such a large amount of TROG at market value. Arkham noted that, given Trump's ownership stake, selling these assets could lead to difficulties achieving full market value if he chooses to liquidate.
The strategic download of TROG, which accounts for half of the total supply, into Trump's wallet signals a calculated effort by developers to capitalize on Trump's public profile and influence within the crypto community. However, the broader implications of such a high concentration of ownership in a volatile market like cryptocurrencies remain unclear.