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Donald Trump’s Cryptocurrency Portfolio Surpasses $20 Million After Receiving $8.5 Million in This Memecoin
Donald Trump’s Cryptocurrency Portfolio Surpasses $20 Million After Receiving $8.5 Million in This Memecoin
Former President Donald Trump recently changed his stance on cryptocurrencies, calling them “disaster waiting to happen” in 2021 to being a cryptocurrency advocate in 2024. This change can be attributed to Vivek Ramaswamy’s advice on Trump’s cryptocurrency ownership, which recently soared to over $20 million thanks to an unlikely memecoin.
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Trump first began receiving cryptocurrency in 2022 following the release of the Trump Digital Trading Cards NFT collection, in which another company used his name to market and sell 45,000 NFTs for $99 each. The same company later released a “Mugshot Edition” of the NFTs, allowing Trump to receive more than 1,900 ETH from the projects. In December 2023, Trump sold 1,075 ETH for proceeds of $2.4 million and currently holds over 800 ETH worth over $3.1 million.
The two largest holdings, representing more than $17 million of Trump’s $20 million portfolio, are memecoin. The creators of these projects, MAGA Coin (TRUMP) and Trog (TROG), sent tokens to Trump upon their launch and have performed very well ever since.
TRUMP was the first successful project to send tokens to Trump’s wallet. In August 2023, the founders sent Trump 580,000 tokens. At the time the price of the tokens was less than $0.01, so the entire position was only worth a few thousand dollars. However, the project vastly exceeded expectations, allowing Trump’s position to grow exponentially. MAGA Coin recently hit highs of over $17.50, meaning Trump’s position was worth over $10 million. TRUMP’s price has since fallen, but the former president still owns nearly $8 million of the token.
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Trump’s largest position is in a smaller memecoin called Trog, short for Trump Frog. This project launched on June 1, 2024 and donated half of its supply to Trump. TROG’s price rose rapidly, and Trump’s 210 billion tokens were worth up to $13.3 million. The position is currently worth nearly $9.5 million.
However, the project is still relatively small and ranks outside the top 2,500 tokens by market capitalization. This means that the project is still illiquid, and since Trump owns half of the supply, it will be almost impossible for him to sell it in the current environment.
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Regardless, these two tokens benefited from sending a portion of the supply to Trump. This is a marketing scheme as many people look at Trump’s wallet to see the movements. When Trump is given a prominent position, he appears at the top of the wallet, prompting viewers to take a look at the new tokens and potentially purchase them. This tactic worked exceptionally well in the cases of TRUMP and TROG.
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This article Donald Trump’s Cryptocurrency Portfolio Surpasses $20 Million After Receiving $8.5 Million in This Memecoin originally appeared on Benzinga.com
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