Donald Trump, the former President of the United States and current Republican presidential candidate, has recently acquired over $10 million worth of memecoins through airdrops from various developers. His cryptocurrency portfolio includes tokens such as $TRUMP, $ETH, $WETH, $MVP, $CONAN, $BABYTRUMP, and $MAGA, with only $ETH and $WETH not falling into the memecoin category.
In a surprising development, it has been revealed that Donald Trump now holds a staggering eight-figure sum in memecoins, all of which were gifted to him by the developers of different memecoin projects, rather than purchased by him personally.
According to a tweet by Arkham on June 1, 2024, Trump’s crypto portfolio received a significant boost when the value of the TRUMP token surged to $15.44 on May 29, pushing his on-chain holdings past the $10 million mark. This spike in value can be attributed to Trump’s recent public support for cryptocurrencies, as he displayed a positive stance towards cryptocurrency companies and the industry as a whole on May 25. In response to his endorsement, the Trump 2024 campaign set up a crypto donation page on May 21.
Currently, Trump holds 579,290 TRUMP tokens, valued at around $8.56 million, although the price has since decreased to $14.7. Apart from his TRUMP investments, Trump also owns a substantial amount of Ethereum, with 464.2 ETH worth approximately $1.79 million. Additionally, he holds one million MVP tokens, another memecoin designed to offer rewards and support his campaign. While MVP reached a peak of $0.709 on May 17, it has since dropped by 33% and is now trading at $0.477, bringing the total value of Trump’s MVP holdings to about $473,000.
The rise in Trump’s memecoin holdings underscores the influence of prominent figures like him on the cryptocurrency market, but it also highlights the volatility and associated risks of such investments. The fluctuating values of TRUMP and MVP tokens serve as a clear indicator of the unpredictable nature of the market.