Former President Donald Trump's foray into the world of cryptocurrencies has been met with triumphs and turbulence. Recent reports reveal that Trump has made millions from his crypto investmentsHowever, increased volatility in the cryptocurrency markets has taken its toll on your portfolio.
Trump's cryptocurrency windfall
It all started when Trump's name, image, and likeness were used in a non-fungible token (nft) project called Trump Digital Trading Cards. These unique digital collectibles, priced at $99 each, quickly gained traction and sold a staggering 45,000 units by December 2022.
Since then, Trump has been receiving royalties on trading volumes, accumulating more than 1,800 ethereum (eth) and Wrapped ethereum (WETH) tokens, according to data from Arkham Intelligence sample.
Trump's crypto portfolio. Source: Arkham Intelligence
Unexpected crypto Journey
As the crypto landscape continued to evolve, Trump's crypto journey took an unforeseen turn. In the summer of 2023, Trump received a considerable amount of MAGA Coin (TRUMP) tokens, a meme coin created in his honor.
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Total crypto market cap at $2.5 trillion on the daily chart: TradingView.com
At the time, the nearly 580,000 TRUMP tokens were worth only a few thousand dollars. However, TRUMP's value skyrocketed when Trump performed well in the primaries and secured the Republican nomination. This increase in value propelled Trump's portfolio to new heights, with the MAGA Coin alone accounting for the majority of his $8.5 million in cryptocurrencies.
Missed opportunities and diminished value
Despite the initial success of his cryptocurrency investments, Trump's portfolio It has recently faced challenges as the price of MAGA Coin and eth saw significant drops. TRUMP's value peaked on March 4, reaching an impressive $11.56 per token. However, since then, the coin has seen a sharp drop and is currently trading around $4, marking a 61% decline over the last month.
MAGA price action in the last week. Source: CoinMarketCap
MAGA loses 60% of its value
Since MAGA's early March highs, its price has decreased significantly. On March 4, the token reached a high of $11.56, but it is It is currently trading at around $5.93. The recent 60% drop in price has had a detrimental effect on Trump's cryptocurrency holdings.
The slowdown in the cryptocurrency market has had a considerable impact on Trump's cryptocurrency investments, which have fallen to $5.3 million, a decrease of more than $3 million. The missed opportunity to sell his tokens during the early March spike has further exacerbated the decline in his value.
Featured image from Pixabay, TradingView chart
