Home Editor's Pick MAGA Tokens: A Look Inside Trump’s $10 Million Crypto Wallet

MAGA Tokens: A Look Inside Trump’s $10 Million Crypto Wallet

by

A cryptocurrency wallet linked to former U.S. President and current Republican presidential candidate Donald Trump has recently gained significant attention due to its impressive holdings.

According to blockchain data tracker Arkham Intelligence, the wallet holds approximately $10 million worth of assets, primarily consisting of MAGA tokens (TRUMP), Ethereum (ETH), and MAGA VP (MVP) tokens.

TLDR

A crypto wallet linked to Donald Trump holds approximately $10 million worth of assets, primarily consisting of MAGA tokens (TRUMP), Ethereum (ETH), and MAGA VP (MVP) tokens.
The wallet’s value is largely driven by the appreciation of MAGA tokens, which have experienced an 8.3% increase in the past day.
Trump’s crypto holdings place him among the top celebrities in terms of cryptocurrency assets, surpassing others like Justin Bieber, Kevin Hart, and Jimmy Fallon.
The connection between the wallet and Trump was established through information in his financial statements filed in August 2023.
Trump has recently expressed support for cryptocurrencies, emphasizing his openness to the industry and criticizing President Biden’s perceived anti-crypto stance.

The wallet’s value is largely driven by the appreciation of MAGA tokens, which have experienced an 8.3% increase in the past day.

The wallet currently holds 579,300 MAGA tokens, valued at $7.12 million, which were originally purchased using wrapped ether on the decentralized exchange Uniswap.

BREAKING: Donald Trump now holds $10M in crypto

Donald Trump’s on-chain holdings surpassed $10 Million this morning, mainly fuelled by the rise in price of the $TRUMP coin – of which Trump currently holds $7.3M. pic.twitter.com/rkQi6SLvvG

— Arkham (@ArkhamIntel) May 27, 2024

The wallet contains 463.441 ETH, worth around $1.84 million, and 1 million MAGA VP tokens, estimated to be worth $509,000.

Earlier today, the wallet’s total value exceeded $10 million, but due to fluctuations in token prices, it currently stands at $9.95 million.

Despite the recent dip in the value of MVP tokens, the wallet’s overall performance remains strong, primarily due to the price surge of MAGA tokens.

Trump’s involvement in the cryptocurrency space has been notable, with his holdings placing him among the top celebrities in terms of crypto assets, surpassing figures like Justin Bieber, Kevin Hart, and Jimmy Fallon. The connection between the wallet and Trump was established through information in his financial statements filed in August 2023.

At the time of the initial connection, Trump’s wallet held nearly $5 million in ETH and had earned approximately $4.9 million from the Trump Digital Trading Card NFT collection.

His crypto presence classified him as a “crypto whale,” and in December 2023, the wallet sold off $2.4 million worth of ETH.

Recently, Trump has expressed strong support for cryptocurrencies, emphasizing his openness to the industry during a speech at the Libertarian National Convention.

He contrasted his stance with President Joe Biden’s, criticizing Biden’s perceived anti-crypto position and promising to ensure that crypto thrives under his leadership.

Trump’s endorsement comes at a time when the Biden administration shows signs of a softened approach towards cryptocurrencies, notably with the recent approval of eight spot Ethereum ETF applications by the U.S. Securities and Exchange Commission (SEC).

Reports indicate that crypto businesses are prepared to invest over $80 million in the 2024 elections.

According to Chris Giancarlo, a former CFTC commissioner, Trump has been dubbed “America’s first crypto president” because his administration approved future Bitcoin contracts during his first year in office in 2017.

While Biden’s administration has seen jurisdictional conflicts between the SEC and CFTC over crypto regulation, opinions are divided on whether Biden’s potential re-election would bring favorable legislation for the industry.

The post MAGA Tokens: A Look Inside Trump’s $10 Million Crypto Wallet appeared first on Blockonomi.

You may also like