Former President Donald Trump has changed his stance on crypto over the past several years, from calling it a “disaster waiting to happen” in 2021 to supporting it and owning tens of millions of dollars in crypto. This new pro-crypto stance has made his crypto portfolio even larger, hitting over $33 million highs in early June. Let’s look at where Trump is getting this crypto and how the value of his holdings has fluctuated recently.
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Trump first began receiving crypto in 2022. Another company used his name to market and sell 45,000 Trump Digital Trading Cards NFTs for $99 each, earning Trump royalties in the form of ETH. The company also launched a “Mugshot Edition” of the NFTs, resulting in even more royalties for Trump. The former president has earned more than 1,900 ETH from these projects, 1,075 of which he sold in December 2023.
However, the ETH in Trump’s portfolio is only a fraction of his holdings. Nearly all of the 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 has skyrocketed in 2024.
MAGA Coin was the first large project to gift Trump tokens. The project started 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 stayed relatively low until 2024, when the price of TRUMP began to increase dramatically. Events like Trump’s primary election successes and recent felony convictions caused the token’s price to go from less than $0.01 on launch to over $17.50. At the same time, Trump’s position went from a few thousand dollars to a high of over $10 million.
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Surprisingly, TRUMP is just one of the meme coins that Trump has received. Project founders and supporters have given him over 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, equating to 210 billion tokens. While the project has remained fairly small since launch, ranking outside the top 2,500 tokens by market cap, because Trump owns so much of the supply, his position has become very large in relation to the rest of his portfolio. The price of TROG has increased nearly 1,000% over the past week, allowing Trump’s tokens to reach a high of over $24.6 million.
When TROG hit highs on June 5, Trump’s portfolio was worth over $33 million. His holdings have since fallen to around $20 million as the price of TROG fell. However, the fact that Trump held more than $30 million in meme coins is beyond surprising.
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This article Why Donald Trump’s Reported $33 Million Crypto Portfolio Quickly Dropped To $21M Overnight originally appeared on Benzinga.com
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