TRUMP’S CRYPTO PORTFOLIO BRIEFLY TOPS $10M 

Former U.S. President Donald Trump’s on-chain crypto asset holdings momentarily exceeded $10 million on Monday, driven primarily by his largest token holding, TRUMP.

Surge in Portfolio Value

On May 27, blockchain intelligence firm Arkham reported that Trump’s crypto asset portfolio reached over $10 million. This spike was fueled by the MAGA memecoin, TRUMP, which hit an all-time high of $13.24 on the same day. Trump holds 579,290 TRUMP tokens, valued at approximately $6.79 million.

Impact of TRUMP Token

The memecoin saw a 53% increase over the past week following Trump’s positive remarks about cryptocurrency. On May 25, Trump stated, “I am very positive and open-minded to cryptocurrency companies, and all things related to this new and burgeoning industry.” Additionally, the Trump 2024 campaign launched a fundraising page on May 21, allowing for crypto donations.

Market Fluctuations

Despite the peak, TRUMP prices have since declined by 8.8%, falling to $12.04 at the time of writing, as reported by CoinGecko. This drop has brought Trump’s portfolio value down to $9.5 million as of early trading on May 28.

MAGA Memecoin Background

MAGA was launched in August to support U.S. veterans and protect children, though it is not officially affiliated with or endorsed by Trump. Since its launch, 234.75 ETH has been donated to veterans and 204.5 ETH to child trafficking prevention.

Other Crypto Holdings

Trump’s portfolio also includes a significant amount of Ether (ETH), with 464.2 ETH worth around $1.79 million. Additionally, he holds a million MVP tokens, valued at approximately $473,000. MVP is another memecoin that provides rewards and supports donations to Trump’s election campaign. It reached an all-time high of $0.709 on May 17 but has since dropped 33% to $0.477.

Related Developments

Trump has publicly stated that the U.S. must not settle for “second place” in the crypto industry, highlighting his continued interest and investment in the sector.

Read more from the blog

News

3 May 2023

StoneBlock CEO: Nervous investors will be eliminated from the market

News

3 Jun 2024

OKX LAUNCHES CRYPTO EXCHANGE AND WALLET IN THE NETHERLANDS 

News

3 Jun 2024

BITCOIN TRANSACTIONS HIT YEARLY HIGH WITH $25B MOVED