Benzinga - Donald Trump has been involved with cryptocurrency over the past several years, bringing in millions and generating largely profitable investments. Most of these gains have come in 2024 due to the increase in the price of many cryptocurrency assets, as well as smaller projects taking off in popularity. Additionally, Trump made huge gains in early May after speaking positively about cryptocurrency to his supporters.
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Trump took a break from the ongoing trial to host an NFT event for supporters of his "Trump Digital Trading Cards ‘Mugshot Edition'" NFT collection. Customers who bought 47 or more NFTs, priced at $99 each, were invited to join Trump in Mar-a-Lago for a dinner and to hear him speak about cryptocurrency.
The dinner inevitably led to several viral moments which were shared on social media. The cryptocurrency community has been closely waiting for a definitive stance from Trump. For some traders, the issues surrounding cryptocurrency are extremely important in terms of the upcoming presidential election. So, some in the cryptocurrency community were glad to hear Trump's comments on crypto at the event.
"The Democrats are very much against it [crypto]. And I say this, a lot of people are very much for it…and I’m fine with it. I want to make sure it’s good and solid…but I’m good with it. If you like crypto in any form, and it comes in a lot of different forms, you better vote for Trump," he said.
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The comments have received millions of views on social media, causing the prices of some cryptocurrencies to go up. For Trump, the largest gain was that of MAGA Coin (TRUMP). This token, created in August 2023, is a memecoin that uses Trump's name to attract investors. Additionally, according to the project's marketing director, Steven Steele, the token has "evolved to become this kind of de facto betting market on the election for many investors."
Additionally, the project sent Trump 580,000 tokens when they released the token. At the time, TRUMP was worth less than $0.01, and the position was only worth a few thousand dollars. However, the price of TRUMP went as high as $11.56 in March, and Trump's position is now worth millions.
So, it was not a huge surprise that the price of TRUMP increased on the comments from the former president. MAGA Coin went from less than $4.20 per token to more than $7.30 in less than three hours after the comments were posted. This resulted in a price increase of over 70%, and Trump's total holding went from $2.4 million to over $4.2 million. The price of the token has since fallen, but Trump is still sitting on more than $500,000 in unrealized gains from the token.
In addition to TRUMP, the portfolio also holds ETH and WETH, which were received from the NFT project, as well as 50+ other small memecoins.
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