Trump Reportedly Made Over A Million In Recent Crypto Rally As Ex-President's Investments In Ethereum And Memecoin MAGA Continue To Surge

Author: Aniket Verma | May 22, 2024 05:35am

Former President Donald Trump's cryptocurrency holdings have sparked widespread media interest and investigation in recent months. The firebrand leader, who has strongly marketed his pro-crypto stance in the ongoing election campaign, profited handsomely from the market's recent rally.

What Happened: Trump's crypto portfolio was worth $8.65 million at the time of publication, according to data from Arkham Intelligence.

The largest holding in his portfolio was Maga Coin (CRYPTO: TRUMP), a memecoin inspired by the "Make America Great Again" political movement. The crypto rose 9% in the rally this week, pushing his total investments to $4.81 million, an increase of $520,000.

The second-largest holding was Ethereum (CRYPTO: ETH), followed by Wrapped Ether (CRYPTO: WETH). Combined, Trump had nearly 815 ETH and WETH, worth more than $3 million at the time of writing.

ETH witnessed a 21% surge this week on higher expectations of spot Ether ETF approval, meaning that the rally added more than 500,000 to his ETH-WETH portfolio.

Overall, Trump's crypto portfolio gained more than a million in the rally, indicating a 13% increase.

Why It Matters: Donald Trump is one of the biggest celebrity cryptocurrency owners, with one prior Arkham report revealing him to be at the top of the list in terms of crypto holdings of X celebrities with over a million followers.

Coins such as ETH and WETH have been gained from the sale of NFT products featuring his name and likeness, while the project designers delivered the memecoin TRUMP to his address as a token of gratitude.

The Republican challenger has looked to counter his arch-rival, President Joe Biden on the subject of cryptocurrencies and regulations. He also started accepting cryptocurrency for official campaign donations.

Image created using AI on MidJourney

Posted In: $ETH