For Advertising Inquire via
Select Page

This post was originally published on this site

Former US President Donald Trump has significantly changed his stance on cryptocurrency, largely influenced by Vivek Ramaswamy. Trump’s crypto holdings have now soared past $32 million, marking a notable shift in his perspective.

Trump’s entry into the crypto market began in 2022 with the launch of the Trump Digital Trading Cards NFT collection, selling 45,000 NFTs at $99 each. This venture was followed by the ‘Mudshot Edition’ NFTs, helping Trump accumulate over 1,900 ETH. In December 2023, he cashed out 1,075 ETH for $2.4 million but still holds over 800 ETH, currently valued at more than $3.1 million.

A Portfolio of Meme Coins

A large portion of Trump’s $32 million crypto portfolio consists of two meme coins: MAGA Coin (TRUMP) and Trog (TROG), which together make up over $27 million. His holdings also include tokens like TROG, TRUMP, ETH, and WETH.

MAGA Coin’s Rapid Rise

MAGA Coin was the first successful project to send tokens to Trump’s portfolio. In August 2023, the founders transferred 580,000 tokens to him. Initially worth a few thousand dollars, the value of MAGA Coin soared to over $17.5 million. Although it has declined since then, Trump’s holdings remain substantial at nearly $8 million.

Trog Dominates

Trog is Trump’s largest holding, with 210.345 billion tokens valued at $21 million—over half of TROG’s total market cap of $36 million. This makes Trog a major part of his portfolio, even though it ranks outside the top 2,500 tokens by market cap. The token’s value surged by over 160% in the last 24 hours after Trump’s supporters discovered his investment.

Strategic Moves and Liquidity Issues

The strategic airdrop of TROG to Trump’s wallet, containing half of the total supply, appears to be a calculated move to enhance his public profile. This strategy has also helped the projects themselves, as associating with Trump has given them increased visibility.

Despite the impressive total value of his portfolio, much of Trump’s crypto wealth is illiquid due to the lack of market depth and volume in certain meme coins. For example, Trog had a trading volume of only $20 million in the past 24 hours, which could make it challenging for Trump to sell his holdings without affecting the market price.

A Change in Perspective

In a 2021 interview, Trump advocated for strict regulation of cryptocurrencies, arguing that the dollar should be the world’s main currency.

However, his recent actions show a supportive attitude towards crypto, emphasizing the need for the United States to lead in this innovative field.

Also Read : SEC Chair Gary Gensler’s Take On BonK ETF, Here’s What He Says

What do you think about Trump’s dramatic shift to cryptocurrency? Do you believe this move will influence others to follow suit?