NFTs
Trump NFTs have increased more than 90% since the former president’s pro-cryptocurrency comments. Will recovery continue with Hush Money trial verdict?
May 28, 2024 4:38 pm | 2 minutes reading
Former president donald trump took the cryptocurrency sector by storm with a change of stance and pro-Bitcoin (CRYPTO: Bitcoin) posture in front of the 2024 election.
With the new comments, the value of meme coins related to the former president and NFTs previously released by Trump soared.
What happened: After previously dismissing the value of Bitcoin, Trump is now ready to embrace the sector and is using the sector as a campaign promise to appeal to cryptocurrency fans ahead of the elections.
Trump told his supporters to “build a crypto army,” a response to Senator Elizabeth Warren previously building an anti-crypto army.
The former president also began accepting campaign donations in Bitcoin and other cryptocurrencies, becoming the first major party presidential candidate to do so in the US
The pro-crypto stance has led to an increase in purchasing activity and valuation of Trump’s first NFT collectionthat was released in December 2022.
The collection, titled Trump Digital Trading Cards, was offered for $99 and the 45,000-unit collection sold out quickly.
On May 8, before Trump’s pro-crypto speech, the collection’s minimum price was 321.75 MATIC (CRYPTO: MATIC) in Magical Eden. Following Trump’s comments, the value of the collection quickly increased.
Today, the floor price on Magic Eden it costs 625 MATIC, or about $457.94 based on a price of $0.7327 for Polygon at the time of writing.
This represents a gain of 94.2% in the last 20 days. The set is also up more than 360% from the mint price of $99.
Related link: Donald Trump: ‘I will guarantee that the future of crypto and Bitcoin will be made in the USA’
What is the next: Trump launched three NFT collections, with your second collection offering an additional 47,000 NFTs and a third collection highlighting its viral photo.
While NFT trading has slowed in many collections, Trump NFTs remain volatile around major events related to the former president.
Previously, the value of NFTs has soared based on election results, such as other Republican candidates dropping out of the race and surrounding Trump-related federal trials and charges.
A highly publicized secrecy trial alleging that Trump falsified business records is coming to an end in New York this week, with the jury likely to begin deciding the outcome on Wednesday.
With the often volatile collection surrounding the trials, investors and NFT holders are likely anxiously awaiting the conclusion and a likely jury verdict of not guilty or guilty.
Trump Media & Technology Group Corp. (NASDAQ:DJT) stocks have also been volatile due to Trump’s events and trials. Shares of the Trump-owned media company rose 9% to $48.91 on Tuesday.
Read next: Is Trump guilty or not guilty? The Hush Money Test Verdict Is Not That Simple: 5 Possible Outcomes
Image: mid-journey
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