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Former President Donald Trump's entry into the world of cryptocurrencies has been met with each triumphs and upheavals. Latest studies counsel that Trump has made tens of millions from his crypto investments, but elevated volatility within the crypto markets has taken a toll on his portfolio.
Trump's crypto windfall
It began when Trump's title, picture, and likeness have been utilized in a non-fungible token (NFT) venture known as the Trump Digital Buying and selling Card. Priced at $99 every, these distinctive digital collectibles shortly gained recognition and bought an astonishing 45,000 items in December 2022.
Since then, Trump has been receiving royalties on buying and selling quantity, accumulating greater than 1,800 Ethereum (ETH) and Wrapped Ethereum (WETH) tokens, information from Arkham Intelligence reveals.
Trump's crypto portfolio. Supply: Arkham Intelligence
surprising crypto journey
Because the crypto panorama continued to evolve, Trump's crypto journey took an surprising flip. In the summertime of 2023, Trump turned the recipient of a big variety of MAGA Coin (TRUMP) tokens, a meme coin created in his honor.
Whole crypto market cap at $2.5 trillion on the day by day chart: TradingView.com
On the time, roughly 580,000 Trump tokens have been price only some thousand {dollars}. Nevertheless, Trump's worth skyrocketed as Trump carried out properly within the main elections and received the Republican nomination. This surge in worth despatched Trump's portfolio to new heights, with MAGA cash alone making up the majority of his $8.5 million crypto holdings.
Missed alternatives and decline in worth
Regardless of the early success of his crypto investments, Trump's portfolio has not too long ago confronted challenges as MAGA Coin and ETH have seen vital value declines. TRUMP's worth reached its peak on March 4, reaching a powerful $11.56 per token. Nevertheless, since then, the coin has suffered a large decline and is at present buying and selling round $4, which represents a 61% decline over the previous month.
MAGA value motion within the final week. Supply: CoinMarketCap
MAGA misplaced 60% of its worth
Since MAGA's early March highs, its value has declined considerably. On March 4, the token reached a excessive of $11.56, however it’s at present buying and selling round $5.93. The latest 60% drop in value has had a dangerous affect on Trump's cryptocurrency holdings.
The downturn within the crypto market has had a big affect on Trump's crypto investments, which have fallen to $5.3 million, representing a decline of greater than $3 million. The value decline was additional exacerbated by a missed alternative to promote their tokens in the course of the peak in early March.
Featured picture from Pixabay, chart from TradingView