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Crypto Wallet Linked to Donald Trump Reaches $10 Million in Value
A crypto wallet associated with the former President Donald Trump its value has risen to $10 million, according to blockchain data tracker Arkham Intelligence. This wallet contains 579,300 MAGA tokens, identified by the ticker TRUMP, which have recently increased in value.
The increase in value, along with other assets in the portfolio, significantly increased its total value. These tokens were initially acquired using Wrapped Ether on the decentralized exchange Uniswap, highlighting Trump’s growing involvement in digital currencies.
What will be the future of this “crypto candidate”? Read on.
Allocation of Portfolio assets
The portfolio’s impressive value is mainly due to MAGA tokens, worth $7.12 million. Additionally, the wallet contains 463,441 ETH, worth $1.84 million, and one million MAGA VP (MVP) tokens, worth $509,000. Despite a recent decline in MVP value, overall portfolio performance remains strong, aided by an 8.3% increase in the price of MAGA tokens over the past day.
The current portfolio value of approximately $10 million highlights the volatility and potential of the cryptocurrency market.
Trump and Cryptocurrencies: What’s the Connection?
Trump’s connection to the crypto wallet was established through his financial filings from August 2023. At the time, he held approximately $5 million in ETH and earned $4.9 million in royalties from his NFT collection of digital trading cards Trump. Its “crypto whale” status was further confirmed by significant transactions, including the sale of $2.4 million in ETH in December 2023.
Opinions do a 180 turn
Trump’s speech at the 2024 Libertarian National Convention showed his changing views on cryptocurrencies. He has supported self-custodial rights and opposed central bank digital currencies, marking a shift from his previous skepticism. His comments highlight the growing role of politics in the world of digital currencies.
Also check: Lark Davis’ Bitcoin and Ethereum Price Prediction: Altcoins Rally with Record ETF Inflows
Trump’s dive into the cryptocurrency market is a testament to his growing influence. We are excited for the future, are you?