Former President Donald Trump has dramatically shifted his stance on crypto. Once a vocal critic, calling them a “disaster waiting to happen” in 2021, Trump has turn out to be a proponent of crypto by 2024.
This outstanding change in perspective is basically attributed to Vivek Ramaswamy’s recommendation, which highlighted Trump’s rising crypto holdings, now exceeding $32 million.
Inside Donald Trump’s $32 Million Crypto Portfolio
Trump’s journey into the crypto market started in 2022 with the discharge of the Trump Digital Trading Cards NFT assortment. The assortment, marketed by one other firm, offered 45,000 NFTs at $99 every.
The subsequent “Mugshot Edition” NFTs additional boosted his holdings, permitting Trump to build up over 1,900 ETH from these tasks. In December 2023, he liquidated 1,075 ETH for $2.4 million, retaining over 800 ETH at present valued at over $3.1 million.
Most of Trump’s $32 million crypto portfolio relies on two meme cash, MAGA Coin (TRUMP) and Trog (TROG), collectively contributing over $27 million. These tokens had been a present to Trump, considerably enhancing their market presence.
MAGA Coin was the primary profitable undertaking to ship tokens to Trump’s portfolio. In August 2023, the undertaking’s founders transferred 580,000 tokens to him. Initially price only some thousand {dollars}, the worth of MAGA Coin skyrocketed, reaching highs of over $17.50. Although the value has since declined, Trump’s place stays substantial at almost $8 million.
Trump’s largest crypto holding is in Trog, or Trump Frog, a meme coin that launched on June 1, 2024. Half of the token’s provide was gifted to Trump, inflicting its worth to soar. His 210 billion Trog tokens at the moment are price a powerful $20.46 million.
Despite its substantial worth, Trog stays a comparatively small undertaking, rating outdoors the highest 2,500 tokens by market cap. This presents liquidity challenges, making it tough for Trump to promote his holdings with out impacting the market.
Read extra: 7 Hot Meme Coins and Altcoins that are Trending in 2024
The technique of sending tokens to Trump has confirmed extremely efficient for these tasks. By putting their tokens in Trump’s portfolio, creators achieve visibility. This advertising and marketing tactic has considerably benefited each MAGA Coin and Trog, cementing Trump’s influential position within the crypto market.
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