RecentdatafromArkhamIntelligencerevealsthatthewallet'srecoveryalignswithasignificantspikeinthememecoinsector.
A
state-of-the-art digital wallet linked to Republican presidential candidate Donald Trump has seen a
meteoric rise in value
overnight, surging from $9 million to
soaring over $11.9 million in a matter of days. The Trump-linked wallet,
which has been a hot topic of discussion due to its association with the former president,
witnessed a phenomenal increase in value, largely attributed to the
skyrocketing memecoin market. According to data from Arkham Intelligence, the wallet
experienced a rebound in line with the spiking memecoin sector. Donors continue to contribute to the Trump-linked wallet with Ether and other memecoins in
sizeable batches,
increasing the overall inflows. Notably,
several donations were made from a wallet named “Save America.” Memecoins, particularly Dogecoin (DOGE) and Shiba Inu (SHIB),
witnessed significant gains. DOGE
climbed by a whopping 6.6%, SHIB
increased by a notable 4.5%, and FLOKI
surged by over 7%, as per CoinGeckodata. Several memecoins
had a spectacular performance on Tuesday night. PEPE
skyrocketed by 16.0%, WIF by 16.3%, and BRETT by 16.7%,
showing a remarkable increase of over 25% in the past week. Most other top memecoins in the market were also in the green,
contributing to the overall positive trend. In addition to traditional memecoins, PolitiFitokens,
which are memecoins based on political figures or movements, also
experienced a notable surge. The TrumpMania (TMANIA) coin
led the pack with a staggering 54.2% increase. Following closely were MAGAHat (MAGA) with a 48.2% rise and Doland Tremp (TREMP),
which climbed by an impressive 33.5%. Other PolitiFitokens, including JeoBoden (BODEN), also
saw gains, with BODEN
spiking by a substantial 11.5%. The memecoin and PolitiFitokens surge occurred as Bitcoin
recovered significantly from dipping below the $60,000 mark, later
rebounding strongly above $62,000. This recovery came after a market slump caused by fears and
massive liquidations by major holders. A report
suggesting that Trump
may potentially be a keynote speaker at Bitcoin2024, an event organized by Bitcoin Magazine, has also
contributed to the memecoin buzz. While Trump's
possible appearance is yet to be confirmed, the
prospect has generated much excitement in the cryptospace. A
potential stage-sharing with BTC advocate and presidential contendor Robert F. Kennedy Jr. is
highly anticipated.
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