While presidential candidate Donald Trump is known for numerous things, few would say that crypto is at the top of that list.
Trump’s dealings with crypto have largely flown under the radar compared to other events surrounding the former president. However, Trump’s crypto portfolio has been discovered, allowing for an unparalleled look into his crypto holdings.
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Arkham Intelligence is a blockchain analytics firm that cross-referenced Trump’s financial disclosures with blockchain activity to pinpoint his wallet address. In addition to Trump, the platform has also discovered wallets belonging to entities ranging from Tesla Inc. to Snoop Dogg.
Trump began to amass cryptocurrency in late 2022 when his name, image and likeness were used to market and sell the Trump Digital Trading Cards non-fungible token (NFT) collection, which featured 45,000 Trump-themed NFTs selling for $99 each. Trump has earned over 1,700 Ethereum (ETH) and Wrapped ETH (WETH) from the project.
Trump sold some of his ETH in late 2023. his wallet sent 1,075 ETH to Coinbase, which he likely sold.
While Trump has seen a lot of inflows from ETH, his largest position is in MAGA Coin (TRUMP). The token is a meme coin that endorses Trump and has gained significant attention since launching in last summer.
When the project launched, the creators sent 580,000 TRUMP tokens to the former president’s wallet address. At the time, these tokens were worth a few thousand dollars and made up a small fraction of the supply. However, the value of TRUMP has skyrocketed in 2024, largely because of widespread meme coin mania and more media attention on Trump.
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The price went from less than 1 cent shortly after launch to an all-time high (ATH) of $11.56 within six months, marking a price increase of nearly 150,000%.
This meant that the tokens Trump received turned into a small fortune. At highs, the tokens were worth over $6.7 million. They’re worth around $3 million.
The broader crypto market has seen a sizeable pullback in the past week, with some meme coins seeing large price declines. TRUMP is one of those tokens, losing over 15% of its value within the past week. This, combined with ETH losing about 12% in the past week has caused Trump to lose more than $1 million in the past seven days.
On April 11, Trump’s crypto portfolio was worth $6.6 million; on April 16, it was worth $5.4 million. This marked a loss of over $1.2 million, or over 18%.
These losses raise the question of whether Trump will sell his position. While this could be a small pullback on the way to new highs, it could also mark the beginning of the end for the TRUMP coin. Additionally, there is no evidence that Trump is even aware of his tokens. However, if Trump believes that his token could lose value in the future and knows about the position, there is a possibility that he could sell, as he has done in the past.
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This article Donald Trump Lost $1 Million In Crypto In The Last 7 Days: Will He Sell? originally appeared on Benzinga.com
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