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Former President Donald Trump’s foray into the satellite of cryptocurrency has been met with some triumph and turbulence. Recent reports uncover that Trump has made millions from his crypto investments, yet the heightened volatility successful the crypto markets has taken a toll connected his portfolio.
Trump’s Crypto Windfall
It each began erstwhile Trump’s name, image, and likeness were utilized successful a non-fungible token (NFT) task called Trump Digital Trading Cards. These unsocial integer collectibles, priced astatine $99 each, swiftly gained traction and sold a staggering 45,000 units successful December 2022.
Since then, Trump has been receiving royalties connected trading volumes, accumulating implicit 1,800 Ethereum (ETH) and Wrapped Ethereum (WETH) tokens, information from Arkham Intelligence shows.
Unexpected Crypto Journey
As the crypto scenery continued to evolve, Trump’s crypto travel took an unforeseen turn. In the summertime of 2023, Trump became the recipient of a sizeable fig of MAGA Coin (TRUMP) tokens, a meme coin created successful his honor.
At the time, the astir 580,000 TRUMP tokens were worthy conscionable a fewer 1000 dollars. However, the worth of TRUMP skyrocketed arsenic Trump performed good successful superior elections and secured the Republican nomination. This surge successful worth propelled Trump’s portfolio to caller heights, with the MAGA Coin unsocial accounting for the bulk of his $8.5 cardinal crypto holdings.
Missed Opportunities And Value Decline
Despite the archetypal occurrence of his crypto investments, Trump’s portfolio has precocious faced challenges arsenic the terms of MAGA Coin and ETH experienced important declines. The worth of TRUMP reached its highest connected March 4, reaching an awesome $11.56 per token. However, since then, the coin has experienced a crisp diminution and is presently trading astir $4, marking a 61% alteration implicit the past month.
MAGA terms enactment successful the past week. Source: CoinMarketCap
MAGA Loses 60% Of Its Value
Since MAGA’s aboriginal March highs, its terms has importantly decreased. On March 4, the token reached a precocious of $11.56, but it is currently trading astatine astir $5.93. The caller 60% diminution successful terms has had a detrimental effect connected Trump’s cryptocurrency holdings.
The downturn successful the crypto marketplace has had a sizeable interaction connected Trump’s crypto investments, which has fallen to $5.3 million, representing a diminution of implicit $3 million. The missed accidental to merchantability his tokens during the highest successful aboriginal March has further exacerbated the diminution successful value.
Featured representation from Pixabay, illustration from TradingView
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