Why Donald Trump’s Reported $33 Million Crypto Portfolio Quickly Dropped To $21M Overnight

Why Donald Trump’s Reported $33 Million Crypto Portfolio Rapidly Dropped to $21 Million Overnight

Former President Donald Trump has changed his stance on crypto over the past few years; he changed it from calling it a “disaster waiting to happen” in 2021 to supporting it and owning tens of millions of dollars of crypto. This new pro-crypto stance made his crypto portfolio grow even further, reaching over $33 million in early June. Let’s look at where Trump bought this crypto and how the value of his holdings have fluctuated recently.

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Trump started buying crypto for the first time in 2022. Another company used his name to market and sell 45,000 Trump Digital Trading Card NFTs for $99 each, earning Trump royalties in the form of ETH. The company also launched a “Mugshot Edition” of NFTs, earning Trump even more royalties. The former president earned more than 1,900 ETH from these projects and sold 1,075 of them in December 2023.

However, the ETH in Trump’s portfolio is only a fraction of his holdings. The portfolio consists almost entirely of two memecoins: MAGA Coin (TRUMP) and Trog (TROG). These tokens sent some of the token supply to Trump as part of his marketing plan, and their value skyrocketed in 2024.

MAGA Coin was the first major project to give away Trump tokens. The project launched in August 2023 and sent several thousand dollars worth of tokens to Trump when it began trading. For several months, the value of these tokens remained relatively low until 2024, when TRUMP’s price began to increase significantly. Events such as Trump’s primary election successes and recent felony convictions caused the token’s price to rise from less than $0.01 at launch to more than $17.50. At the same time, Trump’s position increased from a few thousand dollars to over $10 million.

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Surprisingly, TRUMP is just one of the meme coins Trump has received. Project founders and supporters gave him more than 50 more meme coins. Trog (TROG), short for Trump Frog, became Trump’s largest holding in June 2024. The project gave Trump half the supply, 210 billion tokens. While the project has remained fairly small since its launch and remains outside the top 2,500 tokens by market cap, with Trump owning a large portion of the supply, his position has become very large relative to the rest of his portfolio. TROG’s price rose nearly 1,000% last week, pushing Trump’s tokens to over $24.6 million.

The story continues

When TROG peaked on June 5, Trump’s portfolio was worth over $33 million. Since then, its assets have fallen to around $20 million as TROG’s price has plummeted. But it’s no surprise that Trump has more than $30 million in meme money.

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Why Donald Trump’s Reported $33 Million Crypto Portfolio Dropped to $21 Million Rapidly Overnight This article first appeared on Benzinga.com

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