Donald Trump-Linked Wallet's Vallue Rises to $10M
By Anthony Burr | TH3FUS3 Managing Editor
May 28, 2024 08:30 AM
Reading time: 1 minute, 27 seconds
TL;DR A crypto wallet connected to former President Donald Trump has seen its value soar to $10 million. The wallet holds 579,300 MAGA tokens and several other assets. This increase reflects Trump's growing involvement in digital currency.
A crypto wallet connected to former American President Donald Trump has soared in value to $10 million, according to a report by blockchain data tracker Arkham Intelligence.
Currently, this wallet holds 579,300 MAGA tokens and is identified by the ticker TRUMP, which witnessed a recent value hike.
This increase in value, along with other assets in the wallet, has driven the total value to significant peaks.
Initially, the tokens were gained using wrapped ether on the decentralized exchange Uniswap. This highlights Trump's growing involvement in digital currency.
MAGA Tokens Lead the Surge
The wallet's impressive valuation is primarily attributed to the MAGA tokens, which alone are worth $7.12 million. The wallet token also possesses 463.441 ETH, equivalent to $1.84 million, and an additional one million MAGA VP (MVP) tokens, valuing $509,000.
Despite the recent dip in MVP's value, the wallet's overall performance continues to be strong. The price surge of MAGA tokens by 8.3% on the last day has been a significant factor.
The wallet's holdings are currently about $10 million, shedding light on the crypto market's volatility and potential.
Financial Disclosures and Major Transactions
Trump's connection with the crypto wallet was established through his financial disclosures from August 2023. At that time, the former President possessed around $5 million in ETH and gathered $4.9 million in royalties from his Trump Digital Trading Card NFT collection.
Moreover, his "crypto whale" status was further strengthened by significant transactions, including selling $2.4 million in ETH in December 2023.
Shifting Perspectives on Cryptocurrencies
In addition, Trump's discourse at the 2024 Libertarian National Convention highlighted his shifting perspective on cryptocurrencies. He thereby worked to promote self-custody rights and oppose the Central Bank's currencies.
His remarks indicate a change in stance and a significant shift from his skepticism on crypto. This reflects the increasing relevance of politics on digital currencies.
