Trump's recent sell-offs have sparked speculation that he may have lost interest in cryptocurrencies and could be trying to cash in on all of his holdings.
Former President of the United States of America, Donald Trump, has sold ethereum (eth) worth no less than $2.4 million over the past three weeks. That is according to a report by blockchain intelligence firm Arkham.
The latest report comes after Trump allegedly made the third attempt to reload his nft trading card business. However, since the attempt met with very little success, the former president may now let go of his cryptocurrency holdings, especially those he acquired as nft royalties.
According to Arkham, Trump began sending ethereum to the Coinbase exchange in early December. And over three weeks, he sold at least 1,075 eth for $2.4 million. However, those are not all the cryptocurrencies he has in his possession. Arkham confirms that Trump still has $2.2 million in various cryptocurrencies. They include eth worth $1.4 million, WETH worth $649,000, and MAGA coins worth $167,000 as his biggest holdings so far. The former president also currently owns $340 in Pepecoin, $145 in JESUS, and a few others, according to Arkham.
Is Trump divesting?
Trump's recent sell-offs have sparked speculation that he may have lost interest in cryptocurrencies and could be trying to cash in on all of his holdings. However, some people also believe that the former president may not divest himself of his investments. This group of people believe that Trump is just done with ethereum and is simply looking to pivot towards his rival Solana network.
As of press time, Trump has yet to issue any public statement regarding the motive behind his recent cryptocurrency sell-offs. However, it could be related to his recent claims at a campaign rally, where he shared that he owes more than $100 million in legal fees. Recall that Trump is currently involved in four separate criminal proceedings.
nft Business
It seems that Trump's nft collection may not have lived up to all his expectations. The first collection recorded reasonable success after its value increased shortly after its release last December. The second was released in April and was priced just below its original mintage price of $99. However, Trump's third nft collection recently debuted and saw significantly less success than the previous two editions. The special “Mugshot Edition” of 100,000, which was released on December 13, features pieces of the suit Trump wore while he was booked in Georgia during an arrest earlier this fall.
At the time of publication, less than half of the collection has been minted so far. On top of that, even the bottom prices of Trump's first two nft collections are on a downward spiral. So it might be safe to say that Trump's nft business has run out of steam. That is, it could be time to look elsewhere, and it is possible that the former president is already analyzing that possibility.
next