Former President Donald Trump's cryptocurrency holdings have experienced a significant boost, jumping by over $1.9 million in value within just 24 hours.
What Happened: This increase is largely attributed to a 22% rise in the value of the MAGA Meme coin TRUMP/USD, a token that has recently been in the spotlight.
Data pulled from Arkham Intelligence revealed the former president's crypto assets are now valued at $8.79 million.
This marked an almost 16% increase in just one day, and a substantial $3.71 million leap from its previous valuation of $5.08 million back on Feb. 26, 2024.
The MAGA meme coin's rally over the past week is a key driver behind this uptick, according to figures from DEXScreener.
Diving Into The Details: A closer look at Trump's crypto cache shows a diverse and lucrative portfolio.
Here's a breakdown of the top five holdings at writing:
- TRUMP Tokens: Trump's stash includes 579.28K TRUMP tokens, currently valued at $6.56 million, with each token trading at around $10.71.
- WETH WETH/USD: The portfolio boasts 370.852 WETH tokens, with a total worth of $1.32 million.
- Ethereum ETH/USD: Another significant holding is 341.481 Ethereum, valued at approximately $1.21 million.
- BABYTRUMP BABYTRUMP/USD: Trump also holds 950K BABYTRUMP tokens, which are worth $141.13K ($0.13 per token).
- Conan CONAN/USD: Rounding out the portfolio are 20 billion Conan tokens, valued at $26.20K.
Also Read: Bitcoin Surges Past $66,000: Will It Reach An All-Time High This Week?
Why It Matters: The fascination with meme cryptocurrencies, especially those linked to celebrities or major events, has exploded in the crypto sphere.
A notable mention is an Nvidia-related memecoin, which soared following the tech giant's record earnings announcement.
Over the past month, Trump's crypto portfolio has ballooned from $1.7 million a month back to $9.2 million on March 3, riding the wave of a bullish crypto market.
The MAGA meme coin, in particular, has shown remarkable growth since its launch, with many social media influencers predicting even more gains as the Republican primaries draw near.
Despite Trump's historical skepticism towards Bitcoin and cryptocurrencies — voicing strong opposition back in 2019 — he recently acknowledged Bitcoin's undeniable momentum in an interview, suggesting that "some regulation" might be necessary given its widespread adoption.
In January 2024, Trump voiced his opposition to the U.S. creating its own Central Bank Digital Currency (CBDC), maintaining his cautious stance towards the evolving digital currency landscape.
Image created using artificial intelligence MidJourney
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