Trump’s crypto wallet surges to $10M, Arkham reports

In a twist of events that may interest many enthusiasts in the Global village of Cryptocurrencies, it was revealed that a crypto wallet associated with the former President and current Republican nominee for the President of the United States, Donald Trump, holds about $10 million in cryptocurrencies. The MAGA token wallet, in particular, is filled mainly with MAGA tokens and Ethereum, thus placing Trump in a comfortable position among other celebrities who actively invest in virtual currencies.

According to data obtained by the blockchain analytics firm Arkham Intelligence, most of the funds in this wallet are MAGA tokens worth about $7.12 million. These tokens are known as TRUMP, and to obtain them, Uniswap was used with the help of wrapped ether. In addition, the wallet also holds 463.441 ETH, or approximately $1.84 million, and 1 million MAGA VP (MVP) tokens with a current market value of roughly $509,000.

At the moment, the total value of the assets in Arkham’s wallet is more than $10 million, but it has dropped to $9.95 million. As per Arkham’s statement, 80% of the wallet’s value originated from MAGA tokens that have surged by 8.3%, with each token now valued at $12.43. However, MVP tokens have declined in value and are now down by 12.7% in the last one day, and are currently trading at $0.48 per token as per the information given by CoinMarketCap.

Donald Trump received significant attention for his cryptocurrency ownership, which made him outshine celebrities like Justin Bieber, Kevin Hart, and Jimmy Fallon. This strengthened his status as one of the influential leaders in the digital asset field, along with other famous people.

In August of 2023, researchers from Arkham analyzed the social media website X and found that this wallet was connected to Donald Trump based on his financial reports. These statements revealed that he owned about $5M in ETH and had accrued another $4.9M in royalties from the Trump Digital Trading Card NFT collection. This made him one of the most influential individuals in the sphere, a “crypto whale.” Still, by December 2023, sources indicated that Trump had disposed of $2.4 million in ETH from this wallet.

The relationship of Trump with the world of cryptocurrency has been evolving. He discussed various issues regarding digital currencies while speaking at the Libertarian National Convention on 25th May 2024. These were things like advocating for individuals’ right to control their assets, being against CBDCs, and even including the possibility of pardoning Ross Ulbricht, creator of Silk Road, who is currently in prison. This is a drastic change from Trump’s earlier stance, in which he showed skepticism about Bitcoin and other cryptocurrencies. The recent statements he made point to a more constructive and positive approach toward this emerging sector, proving that it is a subject of political discussion.

The news of Trump investing heavily in cryptocurrencies and his shift in policy towards the industry will surely spark more debate and discussion in the political and financial domain. This development raises the stakes of influential politicians engaging with virtual currencies as these unroll.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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