Former President Donald Trump’s foray into the world of cryptocurrency has been met with both triumph and turbulence. Recent reports reveal that Trump has made millions from his crypto investments, yet the heightened volatility in the crypto markets has taken a toll on his portfolio.
Trump’s Crypto Windfall
It all began when Trump’s name, image, and likeness were utilized in a non-fungible token (NFT) project called Trump Digital Trading Cards. These unique digital collectibles, priced at $99 each, swiftly gained traction and sold a staggering 45,000 units in December 2022.
Since then, Trump has been receiving royalties on trading volumes, accumulating over 1,800 Ethereum (ETH) and Wrapped Ethereum (WETH) tokens, data from Arkham Intelligence shows.
Trump's crypto portfolio. Source: Arkham Intelligence
Unexpected Crypto Journey
As the crypto landscape continued to evolve, Trump’s crypto journey took an unforeseen turn. In the summer of 2023, Trump became the recipient of a considerable number of MAGA Coin (TRUMP) tokens, a meme coin created in his honor.
Total crypto market cap at $2.5 trillion on the daily chart: TradingView.com
At the time, the nearly 580,000 TRUMP tokens were worth just a few thousand dollars. However, the value of TRUMP skyrocketed as Trump performed well in primary elections and secured the Republican nomination. This surge in value propelled Trump’s portfolio to new heights, with the MAGA Coin alone accounting for the bulk of his $8.5 million crypto holdings.
Missed Opportunities And Value Decline
Despite the initial success of his crypto investments, Trump’s portfolio has recently faced challenges as the price of MAGA Coin and ETH experienced significant declines. The value of TRUMP reached its peak on March 4, reaching an impressive $11.56 per token. However, since then, the coin has experienced a sharp decline and is currently trading around $4, marking a 61% decrease over the past month.
MAGA price action in the last week. Source: CoinMarketCap
MAGA Loses 60% Of Its Value
Since MAGA’s early March highs, its price has significantly decreased. On March 4, the token reached a high of $11.56, but it is currently trading at about $5.93. The recent 60% decline in price has had a detrimental effect on Trump’s cryptocurrency holdings.
The downturn in the crypto market has had a considerable impact on Trump’s crypto investments, which has fallen to $5.3 million, representing a decline of over $3 million. The missed opportunity to sell his tokens during the peak in early March has further exacerbated the decline in value.
Featured image from Pixabay, chart from TradingView