While former President Donald Trump has made headlines for many things, his relationship with crypto has been one of the more interesting and unforeseeable events.
Trump has made millions from crypto over the past year, but the heightened volatility in crypto markets has caused his portfolio to fluctuate.
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Trump first began receiving crypto when his name, image and likeness were used by another company to launch a non-fungible token (NFT) project called Trump Digital Trading Cards. The 45,000 NFTs sold for $99 each in December 2022, and Trump has been earning royalties on trading volumes since then.
Trump has earned more than 1,800 Ethereum (ETH) and Wrapped Ethereum (WETH) from the NFTs. His portfolio, obtained by Arkham Intelligence Inc., houses around 800 ETH and WETH. However, in December 2023, Trump sent 1,075 ETH to Coinbase, presumably to sell.
The bulk of Trump’s portfolio is invested in a single meme coin. The token, called MAGA Coin (TRUMP), was sent to the former president when the project was created in the summer of 2023. The creators of the project sent Trump 579,289 MAGA Coin tokens, which were worth just a few thousand dollars at the time. Since then, the price of TRUMP has taken off, and Trump’s position has seen a huge increase in value.
The 579,289 TRUMP tokens are worth over $2.5 million. This makes up the bulk of Trump’s $5.3 million portfolio.
MAGA Coin is a new form of cryptocurrency that some are calling “PoliFi.” According to project Marketing Director Steven Steele, the project has “evolved to become this kind of de facto betting market on the election for many investors.” The price saw huge appreciation when Trump was performing well in primary elections and when he won the Republican nomination.
The price of the token has fallen considerably since reaching highs in early March. The token went as high as $11.56 on March 4 but is currently trading around $4. This 61% decrease in price over the past month has negatively affected Trump’s crypto portfolio.
At its peak, the former president’s crypto holdings were worth more than $8.5 million, most of which was in MAGA Coin. However, with the fall of TRUMP and ETH over the past month, Trump’s portfolio has fallen to $5.3 million, marking a decline of more than $3 million.
It is also important to note that these are just losses on paper. Trump did not pay for any of these tokens out of pocket, so the position is essentially free for him. However, he missed out on several million dollars by not selling in early March.
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This article Donald Trump Lost Over $3 Million In Crypto Last Month, MAGA Coin Down 61% originally appeared on Benzinga.com
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