Uncovering the Whales Behind Trump's Top Meme Token TRUMP: Top Gains Exceed $14 Million, Legendary Trader GCR Emerges as Largest Holder After Early Move
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Uncovering the Whales Behind Trump's Top Meme Token TRUMP: Top Gains Exceed $14 Million, Legendary Trader GCR Emerges as Largest Holder After Early Move
Why has TRUMP been able to stand out among numerous conceptual cryptocurrencies? And how have these whales uncovered such a wealth code?
Navigating Web3 tides with focused insightsAuthor: Frank, PANews
Recently, following the incident of Trump's assassination attempt, various Trump-related meme coins have once again taken center stage in the market. TRUMP, the highest-market-cap Trump-themed meme coin, has been in circulation for nearly a year, achieving a peak increase of over 335,000 times and briefly reaching a market capitalization close to $800 million, creating numerous wealth legends.
What enabled TRUMP to stand out among numerous concept tokens? How did these whales identify this lucrative opportunity? PANews investigates the underlying reasons, which may offer valuable insights to the community.
A Crypto Campaign Base Built by Supporters?
MGAG (token code TRUMP) was launched on the Ethereum blockchain on August 11, 2023, the same day a judge presiding over Trump’s case issued a protective order against him. Prompted by this news, the TRUMP token emerged. Strictly speaking, TRUMP differs from traditional meme coins. While it shares dedicated websites and social media with other memes, its operators do not engage in meme culture as enthusiastically as typical meme projects.
In practice, the TRUMP project team has cumulatively donated 550 ETH (worth $1.74 million) to veterans and children's rescue organizations over 48 weeks, rarely relying on meme images to attract attention. This approach makes it appear more like an extension of Trump’s campaign team rather than a mere speculative hub.
Steven Steele is currently the only publicly known participant in TRUMP, identifying himself as the token's marketing director. His public Twitter bio lists him as a talk show host, recording artist, and creative consultant. According to Steven Steele, he plans to promote the TRUMP token at the Republican National Convention. Another official event host is Shawn Farash, a supporter of Trump and constitutional conservative. To date, all other members of the TRUMP team remain anonymous.
Compared to other meme coins, TRUMP falls under the PolitiFi category, which presents challenges for listing on major exchanges. Steven Steele revealed that attempts to list TRUMP on Kraken and other exchanges failed this year due to concerns about political risks associated with such a heavily politicized token.
Legendary Trader GCR Invests; Top Wallet Earns Over $14 Million
The fourth-largest holder of TRUMP tokens—and the largest individual wallet—is labeled GCR, holding 966,000 TRUMP (approximately 1.99%). This address began purchasing TRUMP tokens on December 9, 2023, investing around $700,000 in total. Its current holdings are valued at $7.26 million, representing a return exceeding 10x. The initial batch of purchases had an average cost of just $0.27 per token—nearly a 30-fold increase since then.
Community speculation suggests GCR refers to GCRClassic, also known as Giant Cassock Revival—an OG trader believed to be one of the biggest beneficiaries during the FTX and Luna collapses. In July 2022, GCR expressed support for Trump as the Republican candidate for 2024 on social media and recommended going long on Trump-related stocks and cryptocurrencies. Judging from GCR’s entry timing, his strategy appears to involve sustained bullish sentiment toward Trump, waiting for related concept tokens to emerge before buying and holding them long-term.
Trump himself or his affiliated team holds 579,000 TRUMP tokens worth approximately $4.5 million. However, Trump did not personally purchase these tokens; they were entirely donated by the official TRUMP team. The first donation occurred on August 19, 2023, sending 469,901 tokens valued at $4,214 at the time (now worth $3.55 million). Subsequently, the address received additional donations totaling around 100,000 TRUMP tokens.
To date, most Trump-related token projects have chosen to donate tokens to this address. It now holds over 1,300 different token types, with a total portfolio value exceeding $9.52 million.
0x63a7C66b7ef9beDF7Bb3BA36cE3f831a50eF33B2
This wallet ranks second only to Trump’s own address in terms of gains, making it one of the most profitable traders. Starting on August 12, 2023, it spent 1.1 ETH to acquire 470,000 TRUMP tokens, now worth $3.59 million—a staggering 1,795x return. Later, it continued accumulating, investing a total of $49,235. To date, it has sold $1.99 million worth of tokens and maintains unrealized profits of $5.76 million.
0xf8Ce9f1bD06C7559ff45336D55B1C9de46CE019D
(waxl.eth) — This address belongs to a renowned meme coin trader and represents the most profitable account on TRUMP. Most of its success stems from TRUMP, generating over $14 million in profit from the token alone, starting with an initial investment of just $5,000. Judging from his @WaxlNakamoto Twitter account, he is also a loyal follower of Chainlink.
Does Presidential Favor Always Boost Markets?
TRUMP’s price movements reveal interesting patterns. The March peak coincided with news of Trump regaining eligibility for the presidential primary. In early June, prices surged past $17 when Trump was found guilty by a jury—an outcome seemingly unfavorable to his campaign—but still triggered a sharp rise in the token’s value.
However, the recent assassination attempt did not trigger the expected rally. Instead, market dynamics suggest TRUMP’s attention is being fragmented by newer Trump-themed tokens. As Trump’s campaign evolves, new narratives such as Fight, EAR, and Fear Not have given rise to fresh tokens that are gradually eroding TRUMP’s market share.
Following the attack, TRUMP rose 40% on July 13 but retreated about 20% in the subsequent days. On the price chart, this movement appears more like a technical rebound than a sustained surge driven by event热度.
In contrast, several newly launched Trump-themed tokens have shown explosive growth. FIGHT launched on Ethereum on July 14 with an opening price of $0.0002386 and soared to $0.08128 by July 17—an increase of 340x. Another token, FEAR NOT, has appreciated nearly 1,000x since launch. From a wealth-generation perspective, these new tokens clearly offer higher returns.
Nonetheless, TRUMP’s market cap stands at $340 million, a level unlikely to be surpassed quickly by other Trump-related tokens. As the presidential race intensifies, more political concept tokens tied to Trump or other figures are likely to emerge. Whether TRUMP can retain its leading position remains to be seen. For investors, perhaps the more important takeaway lies in understanding the strategies employed by these top-tier whales.
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