Presidential candidate Donald Trump accumulates $14M worth of crypto in just 24 hours following his legal dispute.
The cryptocurrency wallet of Donald Trump, as detected by Arkham Intelligence, a blockchain analytics platform, has accumulated a significant amount of $14 million. More than $1 million worth of cryptocurrencies, including Polygon (MATIC), Ethereum (ETH), and the USDC stablecoin, have been deposited into the wallet in the last twenty-four hours.
Arkham Intelligence established a link between the wallet address and Trump by utilizing data from his financial statements submitted in August of the previous year.
Donald Trump Accepts Donations in Cryptocurrency
The wallet contained approximately $10 million worth of cryptocurrencies as of May 27. The most significant holding at the time was the MAGA token, a meme coin denoted by the symbol TRUMP.
However, after his conviction on May 30 in a landmark hush money trial, the wallet experienced a substantial influx of deposits.
The wallet received further contributions within twenty-four hours of his conviction as the first former president of the United States to be found guilty of felony offenses. The TRUMP token continued to dominate the contributions.
At this moment, $9.48 million has been deposited into the wallet in total of the meme. Ethereum follows the TRUMP token in value by approximately $1.77 million.
Furthermore, the wallet contains wrapped Ethereum (wETH), estimated to be worth $1.43 million.
The contributions from the cryptocurrency community may be perceived as a show of solidarity with Trump following the New York jury’s verdict of guilty on Thursday, which entailed all 34 felony charges against him.
Prosecutors charged him with involvement in an unlawful conspiracy aimed at exerting influence over the 2016 presidential election and stifling adverse information. The former president allegedly concealed a settlement money payment to a pornstar who accused him of having an affair with him, according to the authorities.
Judge Juan Merchan presided over the proceedings, and a joint sentencing hearing has been arranged for July 11. According to the court, Trump may be subject to probation or imprisonment, contingent upon the judge’s ruling.
Trump Endorses Cryptocurrencies for Strategic Purposes
In addition to the recent legal dispute, Trump is confronted with further legal challenges preceding the November presidential election. The former president of the United States desires a political revival and re-election to the White House.
Donald Trump has been diligently engaging in preparations for the forthcoming presidential election. Adopting the crypto economy was a component of his campaign strategy to gain the support of fans of digital assets in the United States.
His campaign announced earlier this month that Bitcoin (BTC) and other cryptocurrencies would be accepted as donations via Coinbase Commerce. According to the campaign, donations are accepted for any digital asset on Coinbase Commerce.
Trump is active in non-fungible tokens (NFTs) and enthusiastically accepts crypto donations. Each NFT collection introduced by the former president of the United States sells out within a few hours of its initial release.
Additionally, his wife, Melania Trump, is interested in the digital art world and has participated in several NFT initiatives, demonstrating the family’s expanding involvement in cryptocurrency.
