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CDS Crypto News Donald Trump’s Crypto Assets Soar Past $10 Million, Driven by TRUMP Memecoin

Crypto News

Donald Trump’s Crypto Assets Soar Past $10 Million, Driven by TRUMP Memecoin

Zeynep Öztürk28/05/20241 Mins read232

Donald Trump’s Crypto Assets Soar Past $10 Million, Driven by TRUMP Memecoin

The MAGA memecoin experienced a significant surge on May 27, pushing former United States President Donald Trump’s cryptocurrency holdings to an all-time high. Trump’s on-chain crypto assets briefly exceeded $10 million, primarily due to the performance of his largest token holding, TRUMP.

On May 27, blockchain intelligence firm Arkham reported that Trump’s crypto portfolio had surpassed the $10 million mark. This milestone was driven by the TRUMP memecoin, which hit a record high of $13.24 on the same day. According to Arkham, Trump owns 579,290 TRUMP tokens, valued at approximately $6.79 million.

The memecoin’s price has surged by 53% over the past week, buoyed by Trump’s endorsements of cryptocurrency. On May 25, Trump expressed his positive outlook on the crypto industry, stating, “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 supporters to donate in cryptocurrency.

However, the value of TRUMP has since declined by 8.8%, dropping to $12.04 at the time of writing, as reported by CoinGecko. This decline has brought Trump’s overall crypto portfolio down to $9.5 million amid broader market downturns in early trading on May 28.

The MAGA memecoin, launched in August, aims to support U.S. veterans and protect children, though it is not officially affiliated with or endorsed by Donald Trump. According to its official website, the project has donated 234.75 ETH to U.S. veterans and 204.5 ETH to child trafficking prevention since its inception.

Trump’s crypto holdings also include a substantial amount of Ether, with 464.2 ETH worth around $1.79 million. Additionally, he owns a million MVP tokens, valued at approximately $473,000. MVP, another memecoin, provides rewards and supports donations to Trump’s election campaign. It reached a peak price of $0.709 on May 17 but has since decreased by 33% to $0.477 at the time of writing.