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Donald Trump’s Crypto Portfolio Surpasses $20 Million After Receiving $8.5 Million in This Memecoin
Donald Trump’s Crypto Portfolio Surpasses $20 Million After Receiving $8.5 Million in This Memecoin
Former President Donald Trump recently changed his stance on cryptography from calling it “disaster waiting to happen“in 2021 to now being a crypto proponent in 2024. This change can be attributed to Vivek Ramaswamy Advice about Trump’s crypto holdings, which recently rose to more than $20 million thanks to an unlikely memecoin.
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Trump began receiving crypto in 2022 after the launch of the Trump Digital Trading Cards NFT Collection, in which another company used his name to market and sell 45,000 NFTs for $99 each. The same company later released a “Mugshot Edition” of the NFTs, allowing Trump to receive over 1,900 ETH from the projects. In December 2023, Trump sold 1,075 ETH for proceeds of $2.4 million and currently holds over 800 ETH worth over $3.1 million.
The two largest holdings, representing more than $17 million of Trump’s $20 million portfolio, are memecoins. The creators of these projects, MAGA Coin (TRUMP) and Trog (TROG), sent the tokens to Trump when they were launched, and they have performed extremely well since then.
TRUMP was the first successful project to send tokens to Trump’s portfolio. In August 2023, the founders sent 580,000 tokens to Trump. The price of the tokens was less than $0.01 at the time, so the entire position was only worth a few thousand dollars. However, the project far exceeded expectations, allowing Trump’s position to grow exponentially. MAGA Coin recently reached highs of over $17.50, meaning Trump’s position was worth over $10 million. Since then, the price of TRUMP has fallen, but the former president still owns nearly $8 million of the token.
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Trump’s biggest position is in a smaller memecoin called Trog, short for Trump Frog. This project launched on June 1, 2024, and donated half of its supply to Trump. The price of TROG skyrocketed quickly and Trump’s 210 billion tokens were worth up to $13.3 million. The position is currently worth nearly $9.5 million.
However, the project is still relatively small, falling outside the top 2,500 tokens by market cap. This means the project is still illiquid and since Trump owns half the supply, it will be almost impossible for him to sell in the current environment.
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Regardless, these two tokens benefited from sending a portion of the supply to Trump. This is a marketing scheme as many people look at Trump’s portfolio to see movements. When a prominent position is given to Trump, it appears at the top of the portfolio, prompting viewers to check out the new tokens and potentially buy them. This tactic worked exceptionally well in the cases of TRUMP and TROG.
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This article Donald Trump’s Crypto Portfolio Surpasses $20 Million After Receiving $8.5 Million in This Memecoin originally appeared in Benzinga.com
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