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Why Donald Trump’s $33 Million Cryptocurrency Portfolio Quickly Collapsed to $21 Million Overnight
Why Donald Trump’s $33 Million Cryptocurrency Portfolio Quickly Collapsed to $21 Million Overnight
Former President Donald Trump has changed his stance on cryptocurrencies in recent years, calling them “disaster waiting to happen” in 2021 to support him and own tens of millions of dollars in cryptocurrencies. This new pro-crypto stance has made his cryptocurrency portfolio even larger, hitting highs of over $33 million in early June. Let’s take a look to where Trump is getting these cryptocurrencies and how the value of his holdings has fluctuated recently.
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Trump first began receiving cryptocurrency in 2022. Another company used his name to market and sell 45,000 Trump digital trading card NFTs for $99 each, earning Trump royalties in the form of ETH. The company also launched a “Mugshot Edition” of NFTs, resulting in even more royalties for Trump. The former president earned more than 1,900 ETH from these projects, 1,075 of which sold in December 2023.
However, the ETH in Trump’s portfolio represents only a fraction of his holdings. Almost the entire portfolio includes two memecoins: MAGA Coin (TRUMP) and Trog (TROG). These tokens sent a portion of the token supply to Trump as part of a marketing scheme, and their value skyrocketed in 2024.
MAGA Coin was the first major project to give away Trump tokens. The project started in August 2023 and sent Trump a few thousand dollars in tokens when he started trading. For several months the value of these tokens remained relatively low until 2024, when the price of TRUMP began to increase dramatically. Events such as Trump’s primary election successes and recent ones felony convictions caused the token’s price to go from less than $0.01 at launch to over $17.50. At the same time, Trump’s position went from a few thousand dollars to a high of more than $10 million.
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Surprisingly, TRUMP is just one of the meme coins that Trump has received. The project’s founders and supporters donated over 50 other meme coins to him. Trog (TROG), short for Trump Frog, became Trump’s largest holding in June 2024. The project provided Trump with half of the supply, amounting to 210 billion tokens. While the project has remained fairly small since launch, ranking outside the top 2,500 tokens by market cap, since Trump owns much of the supply, his position has become very large relative to the rest of his portfolio. TROG’s price has increased nearly 1,000% over the past week, allowing Trump tokens to reach a high of over $24.6 million.
The story continues
When TROG peaked on June 5, Trump’s portfolio was worth more than $33 million. His holdings have since fallen to around $20 million as TROG’s price has fallen. However, the fact that Trump owned more than $30 million in meme coins is more than surprising.
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This article Why Donald Trump’s $33 Million Cryptocurrency Portfolio Quickly Collapsed to $21 Million Overnight originally appeared on Benzinga.com
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