Former US President Donald Trump's cryptocurrency holdings briefly exceeded $10 million on Monday, propelled mainly by his significant investment in the TRUMP token.
On May 27, blockchain intelligence firm Arkham disclosed that Donald Trump's crypto portfolio had surpassed $10 million, driven by a surge in the value of the TRUMP memecoin, which reached an all-time high of $13.24.
Arkham's data reveals that Trump holds 579,290 TRUMP tokens, valued at approximately $6.79 million. The surge in TRUMP's value, up 53% in the past week, followed endorsements of cryptocurrencies by Trump himself.
Trump expressed his positive stance on cryptocurrency-related ventures on May 25. Additionally, his 2024 campaign initiated a fundraising page for crypto donations on May 21.
However, TRUMP prices have since declined by 8.8%, dropping to $12.04 at the time of reporting, leading Trump's entire portfolio to retreat to $9.5 million as crypto markets experienced a downturn on May 28.
It's important to note that MAGA, launched in August, aims to support US veterans and combat child trafficking but is not officially affiliated with Donald Trump.
Trump's cryptocurrency portfolio also includes a significant holding of Ether (ETH), with 464.2 ETH valued at around $1.79 million, and a million MVP tokens worth approximately $473,000. MVP, another memecoin, offers rewards and backs donations to Trump's election campaign. Despite hitting an all-time high of $0.709 on May 17, MVP's value has declined by 33% to $0.477 at the time of writing.
May 2024, Cryptoniteuae