Prominent Crypto Trader Accumulates $4.23M Of TRUMP Meme Coin As Major Holding

Arkham Intelligence has uncovered a series of cryptocurrency transactions amounting to millions of dollars, all pointing to a single deposit address and unveiling an association with previously unknown accounts.

What Happened: Arkham intelligence data shows that on April 6 prominent crypto trader GCRClassic sent $1 million worth of Ethereum ETH/USD to a new Binance deposit address.This transaction unveiled several anonymous accounts utilizing the same deposit address.

One of these anonymous accounts was utilized to purchase the Dogwifhat Achi NFT on March 18 for $4.33 million (1,210 ETH).

Another account was found to hold $4.23 million worth of MAGA Memecoin TRUMP/USD coins, constituting a significant portion of the portfolio. This was followed by holdings in OX, NFD and others.

Additionally, another account was identified for farming Eigenlayer with $12 million worth of Ethereum. Another account operated a sniper bot on Friend.tech, previously under the name “azukipunk112,” which has now been changed to MaestromDefi. This account was used to acquire multiple shares of prominent accounts upon their joining the platform.

Also Read: Trader Makes 12,000X Profit In 3 Months With Meme Coin Trading By Following These Rules

Why It Matters: The revelation of these accounts sheds light on the often opaque world of cryptocurrency transactions. It also showcases how various transactions across the digital asset space, including NFT trading, are conducted through anonymous or known account addresses all associated with one deposit address.

Such transactions are frequently seen as drivers for movements in the underlying assets, creating ripples in the broader cryptocurrency market.

For instance, leading meme coins like Dogecoin and Shiba Inu often experience price movements based on transactions carried out by unknown or known wallet addresses.

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Major Crypto Influencer Announces $300K Purchase Of These 3 Meme Coins: ‘The Same Conviction I Had With Dogecoin’

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image created using artificial intelligence with Midjourney.