Trump-Linked Wallet Climbs To Nearly $12M As Memecoins, PolitiFi Tokens Spike

The digital wallet linked to Republican presidential candidate Donald Trump has climbed after falling below $10 million earlier this week amid a significant spike in the memecoin sector, specifically in the "PolitiFi" token space.

Data from blockchain intelligence and analytics firm Arkham Intelligence showed that the wallet logged cryptocurrency holdings worth over $11.9 million late Tuesday. The wallet started the week down, with only around $9.7 million at one point. The overall value is still a far cry from the wallet's all-time high of around $33 million earlier this month, but it has shown gradual recovery in just days after dipping below $10 million.

Arkham data further showed that the wallet continues to receive donations from various donors, with a huge inflow count from a wallet named "Save America," albeit in small batches of Ether (ETH), the native cryptocurrency of the Ethereum blockchain.

The climb in the Trump-linked wallet's value comes as the memecoin market skyrocketed in the last day. Dogecoin (DOGE) added 6.6% in the last 24 hours, Shiba Inu (SHIB) increased by 4.5%, and FLOKI climbed by over 7%, as per data from CoinGecko.

Tuesday night's biggest gainers were PEPE (16.0%), WIF (16.3%), and BRETT (16.7%) – the latter being up by over 25% in the last seven days. Most other top memecoins in the market were in the green in the last 24 hours.

PolitiFi tokens, or memecoins based on political figures or movements, were also significantly up on the last day, led by the Trump Mania (TMANIA) coin, which logged a staggering 54.2% spike, followed by MAGA Hat (MAGA) which saw a 48.2% increase, and Doland Tremp (TREMP), which climbed by 33.5%. All other top PolitiFi tokens climbed, including Jeo Boden (BODEN), with an 11.5% spike.

It appears the memecoin and PolitiFi token surge was affected by Bitcoin's recovery following a slump below the critical $60,000-mark. The world's largest cryptocurrency by market value climbed above $62,000 after it suffered a slump amid market fears and massive liquidations by whales and other large holders of the coin.

Interestingly, it wasn't only Bitcoin's bounce-back that could have affected the memecoin frenzy Tuesday night. A Monday report revealed that Trump is in talks to possibly speak at Bitcoin 2024 by Bitcoin Magazine, which is considered the largest BTC event this year.

Trump's appearance has yet to be confirmed, but the crypto community is already looking forward to a potential stage-sharing between him and long-time BTC advocate, Robert F. Kennedy Jr., who is also a presidential contender.

Other users on X (formerly Twitter) believe Trump's appearance at a huge crypto event in Nashville in July is "big for the election."