Former president Donald Trump’s crypto wallet is bulging—and he now owns nearly $4 million worth of MAGA meme coins.

The Ethereum wallet tied to the presidential hopeful by blockchain analytics firm Arkham Intelligence now holds almost $6.4 million in crypto. Most of that—about 58%, or $3.85 million worth as of this writing—is held in MAGA (TRUMP) tokens, which run on Ethereum’s blockchain.

Trump also holds over $1.2 million in Wrapped Ethereum (WETH) tokens and more than $1.1 million in Ethereum (ETH). The former United States President receives royalties from sales of the official Trump NFT collections, launched in 2022 and 2023. He cashed out millions of dollars’ worth of ETH late last year following the latest NFT collection launch.

The TRUMP meme token is currently priced at $6.53, up 139% this week, CoinGecko shows. In the past month, the price has soared by 341%. TRUMP hit an all-time high price of $7.78 early Wednesday, pushing the value of Trump's own holdings above $4.5 million at the time.

TRUMP is a meme coin: a cryptocurrency based on an internet meme, a joke, or a celebrity. Such tokens often run on other blockchains—such as Ethereum—and are extremely volatile.

Trump almost certainly has no official connection to the TRUMP token project; they’re often created by anonymous crypto users looking to make bank on hype and momentum. In this case, Trump’s wallet was sent massive chunks of the tokens last fall.

The biggest meme coin is Dogecoin (DOGE), which has its own blockchain and is the 10th largest digital asset with a market cap of $16.2 billion. 

Since DOGE’s launch, thousands of meme coins have sprung into existence only to disappear just as quickly (at least in most cases), making some investors massive gains—and losses.  

Trump has never publicly acknowledged holding the meme coin. But with the Republican frontrunner facing increasingly high legal bills ahead of this year’s election, will he feel the pressure to sell more crypto?

Edited by Andrew Hayward