Trump’s Crypto Portfolio Momentarily Hits $10M, Driven by MAGA Token
Republican candidate and former US President Donald Trump’s on-chain cryptocurrency holdings briefly surpassed $10 million, primarily due to his significant investment in the MAGA (TRUMP) token.
Blockchain intelligence firm Arkham reported that on May 27, Trump’s crypto portfolio reached a seven-figure valuation.
MAGA Token Surge and Trump’s Crypto Advocacy
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The MAGA meme coin, TRUMP, was the primary driver behind this surge, hitting an all-time high of $13.24 on May 27. Trump’s supportive stance toward cryptocurrencies, demonstrated by his positive remarks about bitcoin startups on May 25 and the launch of a fundraising page accepting crypto payments on May 21, significantly boosted TRUMP’s value.
According to Arkham, Trump holds 579,290 TRUMP tokens, valued at approximately $6.79 million. Despite a 9% drop from its peak, TRUMP is currently trading at 13.64%, up 15.2% in the last 24 hours.
Portfolio Composition and Market Volatility
Alongside his TRUMP assets, Trump owns 464.2 Ethereum (ETH), worth around $1.79 million, and a million MVP tokens, valued at about $473,000. MVP, another memecoin supporting his campaign, experienced a significant drop, falling 33% from its peak of $0.709 on May 17 to $0.477.
The broader downturn in crypto markets during early trading on May 28 resulted in a decline in the total value of Trump’s holdings to $9.5 million.
MAGA Token Performance and Market Trends
Trump’s engagement with the cryptocurrency sector and his campaign’s acceptance of crypto donations have underscored his influence in the market. The MAGA token’s impressive performance reflects not only speculative interest but also the broader trend of political figures engaging with digital assets.
Despite recent fluctuations, the MAGA token remains a significant part of Trump’s crypto portfolio, indicating the potential for political figures to impact cryptocurrency valuations through endorsements and policy positions.
In conclusion, Trump’s substantial investment in the TRUMP token and other digital assets highlights the intersection of politics and cryptocurrency. The volatility in his portfolio underscores the broader market trends and the speculative nature of meme coins and political endorsements in the crypto space.
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