Bitcoin
Why Donald Trump’s Reported $33 Million Crypto Portfolio Quickly Dropped to $21 Million Overnight
Why Donald Trump’s Reported $33 Million Crypto Portfolio Quickly Dropped to $21 Million Overnight
Former President Donald Trump changed his stance on cryptography in recent years, moving from calling it “disaster waiting to happen“in 2021 to support him and own tens of millions of dollars worth of crypto. This new pro-crypto stance has made his crypto portfolio even bigger, reaching highs of over $33 million in early June. Let’s see where Trump is getting this crypto and how the value of its holdings has fluctuated recently.
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Trump began receiving crypto in 2021. Another company used his name to market and sell 45,000 Trump Digital Trading Cards NFTs for $99 each, earning royalties from Trump in the form of ETH. The company also released a “Mugshot Edition” of the NFTs, resulting in even more royalties for Trump. The former president earned over 1,900 ETH from these projects, 1,075 of which he sold in December 2023.
However, the ETH in Trump’s wallet represents only a fraction of his holdings. Almost the entire portfolio comprises two memecoins: MAGA Coin (TRUMP) and Trog (TROG). These tokens sent a portion of the token supply to Trump as part of a marketing scheme, and their value skyrocketed in 2024.
MAGA Coin was the first major project to offer Trump tokens. The project began in August 2023 and sent Trump a few thousand dollars worth of tokens when it began trading. For several months, the value of these tokens remained relatively low until 2024, when the price of TRUMP began to increase dramatically. Events such as Trump’s successes in the primary and recent elections criminal convictions caused the token’s price to go from less than $0.01 at launch to more than $17.50. At the same time, Trump’s position went from a few thousand dollars to a maximum of more than 10 million dollars.
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Surprisingly, TRUMP is just one of the meme coins Trump received. The project’s founders and supporters have given it more than 50 other meme coins. Trog (TROG), short for Trump Frog, became Trump’s largest holding in June 2024. The project gave Trump half of the supply, equivalent to 210 billion tokens. Although the project has remained quite small since launch, falling outside the top 2,500 tokens by market cap, because Trump holds much of the supply, its position has become very large relative to the rest of its portfolio. The price of TROG has increased by almost 1,000% in the past week, allowing Trump tokens to reach a high of over $24.6 million.
The story continues
When TROG reached highs on June 5, Trump’s portfolio was worth more than $33 million. Since then, his holdings have fallen to around $20 million as TROG’s price has fallen. However, the fact that Trump owns more than $30 million in meme coins is more than surprising.
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This article Why Donald Trump’s Reported $33 Million Crypto Portfolio Quickly Dropped to $21 Million Overnight originally appeared in Benzinga.com
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