Former President Donald Trump’s foray into the cryptocurrency world was met with each triumphs and turmoil. Current stories point out that Trump has made thousands and thousands from cryptocurrency investments, however elevated volatility within the cryptocurrency market has taken a toll on his portfolio.
Trump’s Cryptocurrency Windfall
It began when Trump’s title, picture and likeness had been utilized in a non-fungible token (NFT) program referred to as the “Trump Digital Buying and selling Card.” Priced at $99 every, these distinctive digital collectibles shortly gained traction, with a staggering 45,000 items offered in December 2022.
Since then, Trump has been gathering royalties on buying and selling quantity, amassing greater than 1,800 Ethereum (ETH) and Wrapped Ethereum (WETH) tokens, based on information from Arkham Intelligence.
Trump's crypto portfolio. Supply: Arkham Intelligence
An surprising crypto journey
Because the cryptocurrency panorama continues to evolve, Trump’s cryptocurrency journey has taken an surprising flip. In the summertime of 2023, Trump acquired a considerable amount of MAGA Coin (TRUMP) tokens, a meme token created in his honor.
Complete crypto market cap at $2.5 trillion on the day by day chart: TradingView.com
On the time, almost 580,000 TRUMP tokens had been value only a few thousand {dollars}. Nonetheless, Trump’s internet value soared as he carried out nicely within the primaries and secured the Republican nomination. The surge in worth has pushed Trump’s portfolio to new heights, with MAGA cash alone accounting for almost all of his $8.5 million in cryptocurrency holdings.
Missed alternatives and diminished worth
Regardless of preliminary success along with his cryptocurrency investments, Trump’s portfolio has confronted challenges just lately as MAGA Coin and ETH have skilled important value declines. TRUMP’s worth peaked on March 4, reaching a powerful $11.56 per coin. Nonetheless, the coin has since skilled important declines and is at the moment buying and selling round $4, down 61% from the previous month.
MAGA value motion within the final week. Supply: CoinMarketCap
MAGA misplaced 60% of its worth
Since MAGA hit its highs in early March, its value has fallen considerably. On March 4, the coin reached a excessive of $11.56, however is at the moment buying and selling round $5.93. The current 60% value drop has adversely affected Trump’s cryptocurrency holdings.
The downturn within the crypto market has had a substantial impression on Trump’s crypto investments, which have dropped to $5.3 million, a drop of greater than $3 million. The loss in worth was additional exacerbated by a missed alternative to promote tokens in the course of the peak interval in early March.
Featured picture from Pixabay, chart from TradingView
