Benzinga - Former President Donald Trump's crypto portfolio is taking a heavy hit, as Bitcoin plummeted below the $58,000 mark.
What Happened: Blockchain analytics firm Arkham Intelligence data shows Donald Trump's wallet is currently valued at $5.17 million—meaning the former President’s portfolio has seens a drawdown of over $1 million in the last two days alone.
The largest holding of the portfolio is 579,290 tokens of MAGA Memecoin (CRYPTO: TRUMP), valued at $2.48 million. The token is a meme coin that endorses Trump and has gained significant attention since launching last summer. When the project launched, the creators sent 580,000 TRUMP tokens to the former president’s wallet address.
Trump also holds 421.375 Ethereum (CRYPTO: ETH), worth $1.22 million and 374.5 WETH (CRYPTO: WETH), worth $1.08 million.
Also Read: Donald Trump’s Crypto Investments Could Help Pay Back His $450M In Damages
Why It Matters: Trump began take an interest in cryptocurrency in late 2022, when his name, image, and likeness were used to market and sell the Trump Digital Trading Cards non-fungible token (NFT) collection.
Since its launch in September 2023, the TRUMP meme coin has rocketed to an all-time high of over $400 million in market capitalization but has lost over 50% of its value from that peak.
Whether Trump will sell his portfolio to realize losses is unknown. However, Trump has said he has “fun” with “crazy new currencies“—albeit that was during more favorable market conditions.
What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Read Next: Donald Trump’s $5.7 Million Crypto Portfolio: How Many Cryptocurrencies Does Trump Own?
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