Former President Donald Trump has dramatically changed his stance on cryptocurrency. Trump, who once criticized 2021 as a “disaster waiting to happen,” has come to support cryptocurrencies through 2024.
This surprising change in perspective is largely due to advice from Vivek Ramaswamy, who highlighted the growth of Trump’s cryptocurrency holdings, which now exceed $32 million.
Inside Donald Trump’s $32 Million Crypto Portfolio
Trump’s journey into the cryptocurrency market began in 2022 with the launch of the Trump digital trading card NFT collection. The collection, sold by another company, sold 45,000 NFTs for $99 each.
The subsequent “Mugshot Edition” NFT further increased his holdings, allowing Trump to accumulate over 1,900 ETH from the project. In December 2023, he liquidated 1,075 ETH for $2.4 million, leaving him with 800 ETH now worth over $3.1 million.
The majority of Trump’s $32 million cryptocurrency portfolio relies on two meme coins, MAGA Coin (TRUMP) and Trog (TROG), which collectively contribute more than $27 million. These tokens were given as a gift to Trump, greatly strengthening his market position.
MAGA Coin was the first successful project to send tokens to Trump’s portfolio. In August 2023, the project founder transferred 580,000 tokens to him. Initially worth just a few thousand dollars, the value of the MAGA coin soared, reaching highs of over $17.50. The price has since fallen, but Trump’s position is still significant at nearly $8 million.
Trump’s largest cryptocurrency holdings are in Trog, or Trump Frog, a meme coin launched on June 1, 2024. Half of the token supply was gifted to Trump, sending its value soaring. His 210 billion Trog tokens are currently worth $20.46 million.
Despite its significant valuation, Trog remains a relatively small project and is not among the top 2,500 tokens by market capitalization. This creates liquidity problems, making it difficult for Trump to sell his holdings without impacting the markets.
Read more: 7 Hot Meme Coins and Altcoins That Will Be Trending in 2024
The strategy of sending tokens to Trump has proven to be very effective for these projects. By placing their tokens in Trump’s portfolio, creators gain visibility. This marketing strategy greatly benefited both MAGA Coin and Trog and solidified Trump’s influential role in the cryptocurrency market.
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