What Coins Does He Hold?

Trump’s Crypto Wealth Increased by an Unexpected $500 Thousand: What Coins Does He Hold?

Donald Trump has been involved in cryptocurrency for the last few years, making millions and generating hugely profitable investments. Most of these gains were made in 2024 due to the increase in the price of many cryptocurrency assets as well as the popularity of smaller projects. Additionally, Trump made huge gains in early May after speaking positively about cryptocurrency to his supporters.

Don’t miss:

Trump took a break from an ongoing trial to host an NFT event for backers of the “Trump Digital Trading Cards ‘Mugshot Edition'” NFT collectible. Customers who purchased 47 or more NFTs priced at $99 each were invited to join Trump for a dinner at Mar-a-Lago and hear him talk about cryptocurrency.

The dinner inevitably led to viral moments shared on social media. The cryptocurrency community expects a definitive stance from Trump. For some traders, the issues surrounding cryptocurrency are extremely important in view of the upcoming presidential election. That’s why some in the cryptocurrency community were pleased to hear Trump’s comments on crypto at the event.

“Democrats strongly oppose this.” [crypto]. And I’m saying, a lot of people are very receptive to that… and that’s okay with me. I want to make sure it’s nice and solid… but I’m okay with that. “If you love crypto in any form, and it comes in many different forms, you better vote for Trump,” he said.

Trending: If you invested $1,000 in DOGE when Elon Musk first tweeted it in 2019, here’s how much you’d have today.

The comments were viewed millions of times on social media and caused the prices of some cryptocurrencies to rise. The biggest gain for Trump was MAGA Coin (TRUMP). Created in August 2023, this token is a memecoin that uses Trump’s name to attract investors. Additionally, according to Steven Steele, the project’s marketing director, the token “has become this de facto betting market on elections for many investors.”

Additionally, the project sent 580,000 tokens to Trump when it launched the token. At the time, TRUMP was worth less than $0.01 and the position was worth only a few thousand dollars. But in March, TRUMP’s price went as high as $11.56, and Trump’s position is now worth millions.

The story continues

Therefore, it was not a surprise that TRUMP’s price increased following the former president’s statements. MAGA Coin rose from under $4.20 per token to over $7.30 in less than three hours after the comments were published. This resulted in a price increase of over 70%, increasing Trump’s total assets from $2.4 million to over $4.2 million. The price of the token has since fallen, but Trump still has more than $500,000 in unrealized gains from the token.

Besides TRUMP, the portfolio also includes ETH and WETH from the NFT project, as well as more than 50 smaller memecoins.

Read Next:

“THE SECRET WEAPON OF ACTIVE INVESTORS” Boost Your Stock Market Game with the #1 “news and everything else” trading tool: Benzinga Pro – Click here to start your 14-Day Trial Now!

Want to get the latest stock analysis from Benzinga?

This article Trump’s Crypto Wealth Grows by an Unexpected $500K: What Coins Does He Hold? appeared first on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.