Donald Trump Now Has $32M in His Crypto Portfolio
By Anthony Burr | TH3FUS3 Managing Editor
June 6, 2024 10:18 AM
Reading time: 1 minute, 43 seconds
TL;DR Donald Trump has transformed from a crypto skeptic to a major player in the market. His $32 million crypto portfolio now includes memecoins MAGA Coin and Trog. He seems to be gradually shifting from traditional markets and entities to digital assets.
Former President Donald Trump has dramatically shifted his stance on crypto. Once a vocal critic, calling them a "disaster waiting to happen" in 2021, Trump has become a proponent of crypto by 2024.
This remarkable change in perspective is largely attributed to Vivek Ramaswamy's advice, which highlighted Trump's growing crypto holdings, which now exceed $32 million.
From Critic to Proponent
Trump began investing in crypto two years ago. His first venture as a crypto entrepreneur was launching his Trump Digital Trading Cards NFT collection. He sold 45,000 NFTs at $99 each.
The subsequent "Mugshot Edition" NFTs further boosted his holdings, allowing Trump to accumulate over 1,900 ETH from these projects. In December 2023, he liquidated 1,075 ETH for $2.4 million, retaining over 800 ETH currently valued at over $3.1 million.
Meme Coins Dominate
Most of Trump's $32 million crypto portfolio depends on two meme coins, MAGA Coin (TRUMP) and Trog (TROG), collectively contributing over $27 million. These tokens were a gift to Trump, significantly enhancing their market presence. MAGA Coin was the first successful project to send tokens to Trump's portfolio.
In August 2023, the founders transferred 580,000 tokens to him. Initially worth only a few thousand dollars, the value of MAGA Coin skyrocketed, reaching highs of over $17.50. Although the price has declined, Trump's position remains substantial at nearly $8 million.
"Most of Trump's $32 million crypto portfolio depends on two meme coins, MAGA Coin and Trog."
The Trump Frog Phenomenon
Trump's largest crypto holding is in Trog, or Trump Frog, a meme coin launched on June 1, 2024. Half of the token's supply was gifted to Trump, causing its value to soar. His 210 billion Trog tokens are now worth an impressive $20.46 million.
Despite its substantial value, Trog remains a relatively small project, ranking outside the top 2,500 tokens by market cap. This presents liquidity challenges, making it difficult for Trump to sell his holdings without impacting the market.
Effective Marketing Tactics
Sending tokens to Trump has proven highly effective for these projects. By placing their tokens in Trump's portfolio, creators gain visibility. This marketing tactic has significantly benefited MAGA Coin and Trog, cementing Trump's influence in the crypto market.
