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Elena R
Elena R
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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- May 28, 2024 04:42 UTC
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Donald Trump’s Crypto Wallet Hits $10 Million, Led by MAGA Tokens
A crypto wallet linked to former President Donald Trump has reached a value of $10 million, primarily driven by 579,300 MAGA tokens.
Trump's financial disclosures from August 2023 revealed his substantial crypto holdings, including $5 million in ETH and $4.9 million from his NFT collection.
Trump’s recent speech indicated a shift in his stance on cryptocurrencies.
A crypto wallet associated with former President Donald Trump has soared in value to $10 million, according to blockchain data tracker Arkham Intelligence. This wallet holds 579,300 MAGA tokens, identified by the ticker TRUMP, which have recently increased in value.
The rise in value, along with other assets in the wallet, has boosted its total worth significantly. These tokens were initially acquired using wrapped ether on the decentralized exchange Uniswap, highlighting Trump’s growing involvement in digital currencies.
What next for this ‘crypto candidate’? Read on.
Breakdown of the Wallet’s Assets
The impressive value of the wallet is mainly due to the MAGA tokens, worth $7.12 million. Additionally, the wallet holds 463.441 ETH, valued at $1.84 million, and one million MAGA VP (MVP) tokens, worth $509,000. Despite a recent drop in MVP value, the wallet’s overall performance remains strong, helped by an 8.3% increase in MAGA tokens’ price in the last day.
The wallet’s current value of around $10 million highlights the crypto market’s volatility and potential.
Trump and Crypto: What’s the Connect?
Trump’s link to the crypto wallet was established through his financial disclosures from August 2023. At that time, he held around $5 million in ETH and earned $4.9 million in royalties from his Trump Digital Trading Card NFT collection. His status as a “crypto whale” was further confirmed by significant transactions, including selling $2.4 million in ETH in December 2023.
Opinions Take a 180-Turn
Trump’s speech at the 2024 Libertarian National Convention showcased his changing views on cryptocurrencies. He supported self-custody rights and opposed Central Bank digital currencies, marking a shift from his earlier skepticism. His comments highlight the growing role of politics in the world of digital currencies.
Also Check Out: Lark Davis’s Bitcoin and Ethereum Price Prediction: Altcoins Rally with Record ETF Inflows
Trump’s dive into the crypto market is a testament to its increasing influence. We’re excited for the future – are you?
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