Donald Trump-Linked Wallet Now Down To $9M Following $DJT Memecoin Controversy

Majority of the memecoins in a digital wallet linked to former U.S. President Donald Trump have lost much of their value from all-time highs exceeding $30 million following a controversy that involved a token claimed to be the Republican presidential candidate's "official" memecoin.

Data from leading blockchain intelligence firm Arkham Intelligence showed that the wallet now only has around $9.7 million worth of memecoins. Most of the tokens have lost their value in recent weeks, including over 500,000 of the TRUMP (MAGA) coin, and the recently-donated 10 million MAGAA memecoin stash.

The wallet's 485 Ethereum (ETH) holdings have lost over $58,000, while its Wrapped Ether (WETH) holdings lost nearly $44,000. The MAGA coin shed a staggering $637,000 as per the latest data.

Arkham previously said that at one point on June 6, the wallet's holdings value hit all-time highs of above $33 million. However, a slump in memecoin prices in recent days pulled down the total value of the wallet's token stash.

Memecoins started the week down last week, with even some of the most popular tokens such as Dogecoin (DOGE) and Shiba Inu (SHIB) seeing small declines as Bitcoin, the world's top digital asset by market value, struggled to breach the $65,000 mark.

The situation hasn't changed much over the weekend. Memecoins are starting this week significantly down, as per CoinGecko data. DOGE has been down by 4.4% in the last 24 hours, and SHIB is down by 5.8%. Other tokens have fallen further, with Pepe (PEPE) declining by over 10%, and dogwifhat (WIF) shedding 13.7%.

The latest slump in the multi-million-dollar digital wallet linked to the business magnate comes a few days after a rumor erupted on social media regarding the launch of a supposed "official" Trump token, the $DJT memecoin on the Solana blockchain.

The rumors suggested that Barron, Trump's youngest son, was "spearheading" the memecoin's launch. $DTJ's price surged by over 400% when news of an official Trump token emerged. Crypto figures said neither the GOP candidate nor his son were involved in the token's creation.

A day later, the memecoin plummeted after multiple prominent names within the digital assets space revealed that the Martin Shkreli, infamously called "Pharma Bro," was the person behind the token. Shreli notoriously spiked the price of life-saving drug by 5,000% and was found guilty of securities fraud in 2017.

Meanwhile, the Trump-linked wallet continues to receive memecoins from various donors despite the downturn in cryptocurrency prices. The donations in the last 24 hours were mostly ETH in small batches, as per Arkham data.