Donald Trump’s Cryptocurrency Portfolio to Surpass $10 Million
After Presidential candidate Donald Trump assumed a positive stance on the matter of cryptocurrencies his investment portfolio boomed. The rise in his digital asset portfolio was a result of MAGA memecoin price surge that printed an ATH on 27th May leading the overall crypto portfolio of Trump to cross $10 million.
The former US president’s on-chain crypto holdings were estimated to have surpassed $10 million evaluation last Monday.
The rise in the value was marked by the price appreciation of the biggest token allocation in his portfolio namely TRUMP token. On 27th May, data projections issued by Arkham Intelligence indicated that the Trump portfolio in digital assets reached more than $10 million in evaluation.
TRUMP Token Price Analysis
The seven-figure increase in the portfolio was driven meme coin price surge namely MAGA. Meanwhile, TRUMP token prices also surged reaching an ATH of $13.24 on 27th May, 2024.
Arkham analytics indicated that Trump holds around 579,290 TRUMP tokens that are currently valued at around $6.79 million. The meme coin in question recorded a 53% surge during the last week after the former president publicized his support for cryptocurrencies.
In a recent statement, he noted that he was very positive and open-minded towards crypto firms and all things associated with the rapidly developing sector on 25th May 2024.
Trump’s Pro-Bitcoin Stance
On 21st May, Trump added crypto advocacy to his presidential campaign and set up a fundraising page that allowed his supporters to donate funds in the form of cryptocurrencies. TRUMP price has since decreased by 8.8 percent with peak to take place at $12.04 at the time of printing the article as per data projections from CoinGecko.
The price changes in the TRUMP token resulted in the change of portfolio evaluation to around $10 million following the decline as of 28th May.
MAGA is a meme coin project that was launched in August as a way to enable donation payments to US veterans and protect children. This token bears the name of the former president but it is not officially associated with Donald Trump.
The official website indicated that around 234.75 ETH have been donated to US veterans and around 204.5 ETH have been granted to children as part of the traffic prevention initiative since the launch of MAGA.
Ethereum constitutes as one of the major portions of cryptocurrency portfolio of the former president. As per the official declaration, he holds around 565.2 ETH which is valued at around $1.70 million.
Another major token allocation in the Trump portfolio is MVP tokens which are valued at around $473,000. MVP is a memecoin that offers rewards to Trump election campaign and supports donation efforts for the program. The token reported an ATH of $0.70 on 17th May but retraced by 30% and currently trading at $0.477.
Bitcoin’s Selling Pressure Reduced by 50%
A Bitcoin price analysis published in Cointelegraph recently revealed that long-term Bitcoin investors have taken hold of the market. On this account, bulls have now decided to stop taking profits and continue to hold their Bitcoin reserves that have gained several times the price in comparison to its original purchase price.
The analysis report has dubbed the event as diamond hands and noted that investors have stopped selling Bitcoin holdings with the flagship token traveling rapidly towards $73,000 ATH. The data projections published on 28th May on-chain by Glassnode indicate that Bitcoin selling pressure in comparison to older coins has declined to 50% in comparison to the previous Bull Runs.
The report indicates that long-term Bitcoin investors are refraining from taking profit in a bid to allow the token to gain amass a higher price. At the current price point, Bitcoin investors have reported an average profit of 3.5 times. Long-term wallets are now showing diamond hands as per Glassnode analysis. The report indicated that the renewed buying pressure has resulted in the price hike for Bitcoin.
