Trump’s journey into the crypto market appears to have paid off handsomely, thanks to the TRUMP Memecoin.
The former American President Donald Trump’s cryptocurrency investments have briefly soared past the $10 million mark.
This milestone, driven by the TRUMP memecoin, has once again put a spotlight on Trump’s involvement in digital assets
Donald Trump’s Crypto Portfolio Hits Multimillion-Dollar Milestone
According to a blockchain intelligence firm, Arkham, Trump’s crypto asset portfolio topped $10 million on May 27.
The catalyst behind this surge was the TRUMP memecoin, which skyrocketed to an all-time high of $13.24 on the same day.
Trump holds a substantial 579,290 TRUMP tokens, valued at around $6.79 million at the time of the peak.
Further, the TRUMP memecoin, which has surged by an impressive 53% over the past week, gained traction following Trump’s recent endorsements of cryptocurrencies.
“I am very positive and open-minded to cryptocurrency companies and all things related to this new and burgeoning industry,” he stated on May 25.
Adding to the momentum, the Trump 2024 campaign launched a fundraising page on May 21, allowing supporters to donate in cryptocurrencies.
However, the euphoria was short-lived as TRUMP prices declined by 8.8% after reaching the peak, falling to $12.04.
At 06:14 a.m. EST, TRUMP continued the downward movement, now around $11.98. According to CoinMarketCap, over the past 24 hours, the coin has slump by more than 7.42%.
This price fluctuation has caused Trump’s entire crypto portfolio to retreat to around $9.5 million.
Diversified Holdings and Charitable Contributions
While TRUMP may be the standout performer, Trump’s crypto portfolio is diversified.
He holds a million MVP tokens valued at approximately $473,000.
MVP is another memecoin offering rewards and supporting donations to the Trump election campaign.
Notably, the MAGA memecoin, which bears Trump’s name is not officially connected to him.
The project claimed that they have given 234.75 ETH to help U.S. veterans and 204.5 ETH to fight child trafficking.
Despite the potential financial gains, Trump’s crypto endeavors have raised ethical concerns and regulatory scrutiny.
Critics argue that a former president’s involvement in such high-risk and speculative investments could represent a potential conflict of interest and an ethical minefield.
As the crypto markets continue their volatile trajectory, all eyes will remain on Trump’s crypto portfolio and the implications of his involvement in this burgeoning industry.