Donald Trump's Crypto Portfolio Peaks at $10 Million led by TRUMP Memecoin Surge
Summary:
Crypto assets of former US President Donald Trump momentarily exceeded $10 million, mainly owing to his TRUMP memecoin, whose value recently surged to an all-time high. However, the value of his entire portfolio has now retreated to around $9.5 million due to a crypto market decline. The MAGA token, not officially connected to Trump, was launched to contribute to US veterans and protect children. Also, Trump owns a large Ether (ETH) bag and a million MVP tokens supporting his election campaign.
Crypto assets belonging to ex-President Donald Trump of the U.S. momentarily exceeded the $10 million mark on Monday, with the primary surge from his biggest token, TRUMP. As revealed by blockchain analytics company Arkham on May 27, Trump's crypto portfolio reached the $10 million peak. This significant increase was attributed to the TRUMP memecoin connected to the former president's Make America Great Again slogan, which hit a record-breaking high of $13.24 on May 27. Reports from Arkham indicate Trump possesses 579,290 TRUMP tokens, equating to approximately $6.79 million.
The memecoin had an upward trajectory of 53% over the past week, influenced by Trump's endorsement of cryptocurrencies. In a statement made on May 25, Trump expressed his optimistic outlook and readiness to embrace businesses dealing in cryptocurrency as well as all facets of this rapidly developing industry. On May 21, the Trump 2024 campaign set up a webpage dedicated to collecting campaign donations in the form of cryptocurrency. Nevertheless, the TRUMP token's value has since dropped by 8.8%, equating to a fall to $12.04 at the time this report was written, according to CoinGecko. This dip resulted in Trump's entire portfolio shrinking to $9.5 million as cryptocurrency markets dwindle during trading early on May 28.
The MAGA token was launched last August with the dual aims of providing donations to U.S. military veterans and contributing to the protection of children. Although the token shares its name with the former president's slogan, it has no official connection or endorsement from Trump himself. It's reported on the official website that since the launch of MAGA, 234.75 ETH has been donated towards U.S. veterans and 204.5 ETH towards preventing child trafficking.
Trump also possesses a substantial grouping of Ether (ETH) tokens, totaling 464.2 ETH valued at approximately $1.79 million at the time this article was written. Furthermore, he has one million MVP tokens, equating to roughly $473,000. The MVP token, another memecoin, offers rewards and supports donations specifically to Trump's election campaign. Despite a record peak of $0.709 on May 17, the MVP token has since decreased by 33%, currently trading at $0.477.
Published At
5/28/2024 9:05:00 AM
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