CDS Crypto News Donald Trump Embraces Crypto: From Critic to Proponent with $32 Million Portfolio
Crypto News

Donald Trump Embraces Crypto: From Critic to Proponent with $32 Million Portfolio

47
Donald Trump Embraces Crypto: From Critic to Proponent with $32 Million Portfolio

Donald Trump Embraces Crypto: From Critic to Proponent with $32 Million Portfolio

Former President Donald Trump has made a dramatic shift in his stance on cryptocurrency. Once a vocal critic who dubbed it a “disaster waiting to happen” back in 2021, Trump has emerged as a proponent of crypto by 2024.

This remarkable transformation in perspective is largely attributed to advice from Vivek Ramaswamy, who highlighted Trump’s burgeoning crypto holdings, now surpassing $32 million.

Inside Donald Trump’s $32 Million Crypto Portfolio

Trump’s foray into the crypto market began in 2022 with the launch of his Trump Digital Trading Cards NFT collection. Marketed by an external company, this collection sold 45,000 NFTs at $99 each.

The subsequent release of the “Mugshot Edition” NFTs further bolstered his holdings, allowing Trump to amass over 1,900 ETH from these ventures. In December 2023, he liquidated 1,075 ETH for $2.4 million, while retaining over 800 ETH currently valued at more than $3.1 million.

Donald Trump Embraces Crypto: From Critic to Proponent with $32 Million Portfolio
Donald Trump Embraces Crypto: From Critic to Proponent with $32 Million Portfolio 1

A significant portion of Trump’s $32 million crypto portfolio is concentrated in two meme coins, MAGA Coin (TRUMP) and Trog (TROG), which together contribute over $27 million. These tokens were gifted to Trump, significantly boosting their market visibility.

The Rise of MAGA Coin

MAGA Coin was the first successful project to send tokens to Trump’s portfolio. In August 2023, the project’s founders transferred 580,000 tokens to him. Initially valued at just a few thousand dollars, MAGA Coin’s value soared to over $17.50 per token. Although its price has since declined, Trump’s holding remains substantial at nearly $8 million.

Trump’s Biggest Holding: Trog

Trump’s largest crypto holding is in Trog, or Trump Frog, a meme coin launched on June 1, 2024. Half of the token’s supply was gifted to Trump, causing its value to skyrocket. His 210 billion Trog tokens are now worth an impressive $20.46 million.

Despite its substantial value, Trog remains a relatively small project, ranking outside the top 2,500 tokens by market cap. This presents liquidity challenges, making it difficult for Trump to sell his holdings without impacting the market.

The strategy of gifting tokens to Trump has proven highly effective for these projects. By placing their tokens in Trump’s portfolio, creators gain significant visibility. This marketing tactic has significantly benefited both MAGA Coin and Trog, solidifying Trump’s influential role in the crypto market.

Donald Trump Embraces Crypto: From Critic to Proponent with $32 Million Portfolio

Leave a comment

Leave a Reply

Related Articles

Crypto News- Ether and Meme Coins Lead the Recovery as Bitcoin Stays Muted

Here's a look at the latest price movements in the crypto markets...

Bitcoin Whales Liquidate $1B in BTC Over the Past Fortnight: CryptoQuant

Selling during this period aligns with net outflows observed from U.S.-listed bitcoin...

Crypto News – Stablecoin Transfer Volume Skyrockets: Surges 16-Fold Over Last 4 Years

The rise in stablecoin usage suggests increasing cryptocurrency adoption and a maturing...

Meme Coins and Macro: Peak Stress Among U.S. Credit Card Holders Since 2012

The increase in credit card loans overdue for more than 90 days,...