An Ethereum address associated with American former president and aspirant Donald Trump has acquired over $1 million in profit from a memecoin.

Donald Trump recently made news for his comments that if re-elected, he would not allow the creation of a central bank digital currency (CBDC).

Sequentially, the presidential aspirant has been getting heavily involved in the crypto space, albeit with a related entity.

In one such instance, Arkham Intelligence notes that Donald Trump received $7,100 worth of MAGA (TRUMP), a memecoin named after the former president, which stands for MAKE AMERICA GREAT AGAIN(MAGA). The team behind the project made the transfer between August and October 2023.

At the time, TRUMP was valued at around $0.05. However, the resurgence of the cryptocurrency market and increased investor appeal for memecoins mean that the price of TRUMP has grown significantly.

Earlier this week, the price of TRUMP hit $1.90, putting the former president’s holding at around $1.09 million. Although the token’s price has dropped to around $1.50 at the time of writing, the address still remains in substantial profit as they had received the tokens for free from the community.

Trump Builds Deeper Ties With Crypto Community

While the former president has not publicly disclosed his crypto holdings or affiliation with the community, the latest development evidently places him in fine light with the emerging industry.

Last week, the Trump NFT team expanded to the Bitcoin network, issuing collections using Bitcoin-based Ordinals technology. The team also cashed out $2.4 million worth of Ethereum, realized from NFT sales and royalties.

This improvement brings Trump closer to the crypto currency community, hereby bringing hope for more crypto adoption in the coming years