Former President Donald Trump's venture into cryptocurrency has been a rollercoaster ride, marked by both success and setbacks. Recent reports indicate that while Trump has profited from his crypto ventures, the heightened volatility in the crypto markets has dealt a blow to his portfolio.
Trump's involvement in cryptocurrency began with the launch of Trump Digital Trading Cards, NFTs priced at $99 each, which garnered significant attention and sold thousands of units in December 2022. Trump received royalties from trading volumes, accumulating over 1,800 Ethereum and Wrapped Ethereum tokens.
Trump's crypto portfolio. Source: Arkham Intelligence
In summer 2023, Trump acquired a substantial number of MAGA Coin tokens, initially valued at a few thousand dollars. However, as the value of MAGA Coin surged amid Trump's political success, it became the cornerstone of his $8.5 million crypto portfolio.
Total crypto market cap at $2.5 trillion on the daily chart: TradingView.com
Despite initial gains, Trump's portfolio faced challenges as MAGA Coin and ETH prices plummeted. MAGA Coin peaked at $11.56 on March 4 but has since plummeted to $5, marking a 61% decline in a month. This downturn has slashed Trump's crypto holdings to $5.3 million, a $3 million decrease. Missed opportunities to sell during the peak exacerbated the loss.
MAGA price action in the last week. Source: CoinMarketCap
After Joe Biden announced his withdrawal from the 2024 US presidential race, billionaire Elon Musk changed his X profile picture.
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