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Donald Trump-Linked Crypto Wallet Soars to $10 Million in Value

source-logo  coinpedia.org 28 May 2024 05:03, UTC

A crypto wallet connected to former American President Donald Trump has soared in value to 10 million, according to a report by blockchain data tracker Arkham Intelligence. Currently, this wallet holds 579,300 MAGA tokens and is identified by the ticker TRUMP, which witnessed a recent value hike.

This increase in value, along with other assets in the wallet, has driven the total value to major peaks. Initially, the tokens were gained by using wrapped ether on the decentralized exchange Uniswap, which highlights Trump’s growing involvement in the sphere of digital currency.

Breakdown of the Wallet’s Assets

The impressive valuation of the wallet is primarily attributed to the MAGA tokens, which alone stand at a worth of $7.12 million. Besides these, the wallet token also possesses 463.441 ETH, equivalent to $1.84 million, and an additional one million MAGA VP (MVP) tokens, valuing $509,000. Despite the recent dip in the value of MVP, the wallet’s overall performance continues to be strong, encouraged by the price surge of MAGA tokens by 8.3% on the last day. The wallet’s holdings are currently about $10 million, shedding light on the crypto market’s volatility and potential.

Trump’s Evolving Stance on Cryptocurrency

Trump’s connection with the crypto wallet was established through his financial disclosures from August 2023. At that time, the former President possessed around $5 million in ETH and gathered $4.9 million in royalties from his Trump Digital Trading Card NFT collection. Moreover, his “crypto whale” status was further strengthened with major transactions, which included selling $2.4 million in ETH in December 2023.

In addition, Trump’s discourse at the 2024 Libertarian National Convention highlighted his shifting perspective on cryptocurrencies. He thereby worked to promote rights for self-custody and oppose the currencies of the Central Bank. In fact, his remarks indicate a change in stance and a significant shift from his skepticism on crypto, reflecting the increasing relevance of politics on digital currencies.