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trump

Trump Crypto Boom: Ex-President’s Portfolio Soars 4,000% Amid Re-Election Frenzy

Christian Encila
by Christian Encila
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Former US President Donald Trump has turned into the centre of a windfall driven by cryptocurrencies.

Data from market research company Arkham research shows that Trump’s portfolio of cryptocurrencies has skyrocketed by an astounding 4,000% – mostly because to the explosive ascent of the “Save America” meme coin, lovingly referred to as “Trump.”

Related Reading: NFT Market Crashes: 95% Of Assets Become Worthless

The article claims that Trump’s linked crypto wallet has been the target of several Trump token airdrops; the most recent one happened just 30 minutes before the study.

With the Trump meme coin alone accounting for an astounding $1.30 million of rise, these kind donations have driven the value of the wallet from a meagre $7.4 million to a startling $9 million in a single day.

Source: Arkham Intelligence

From Humble Beginnings To Crypto Dominance

The crypto trip Trump has taken has been rather amazing. His wallet at January 1st included just $142,500 worth of Trump tokens and $778,000 in Ethereum (ETH).

But in the months afterwards, his cryptocurrency business has grown rapidly; his ETH holdings now total $1.30 million and the wallet holds about 580,000 Trump coins valued at $5.8 million.

Total crypto market cap currently at $2.3 trillion. Chart: TradingView

Steven Steele, the marketing director for the Trump meme coin, said this is unmistakable evidence of the support from the wider crypto community as well as Trump’s fan base.

He clearly embraces cryptocurrencies, and this has surely helped the Trump token to become rather popular.

MAGA Trump token up in the last seven days. Source: Coingecko

Trump Token: Political Influence Meets Crypto Speculation

Trump’s crypto bonanza is evidence of the interaction between political influence and the speculative character of the cryptocurrency market, not only a financial oddity.

The pro-crypto posture of the former president—that of pledging to let Americans use Bitcoin for regular transactions should he be re-elected—has energised both his fans and the larger crypto community.

Related Reading: Don’t Get Bitten! France Cracks Down On Unregistered Crypto Platform Bybit

According to the analysis, Trump’s extraordinary increase in crypto holdings emphasises the significant impact well-known personalities can have over the market.

Trump’s crypto approach and the backing of his fans could set a standard for other political leaders using digital assets as the 2024 fight approaches.

Particularly with relation to politically sensitive or meme-based assets, the rising value of the Trump token emphasises the fragile and speculative nature of the crypto economy.

Featured image from Getty Images, chart from TradingView

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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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