Former U.S. President Donald Trump’s foray into the cryptocurrency market has seen his digital asset holdings exceed the $10 million mark as of May 27, propelled by the significant rise of the TRUMP token (MAGA). The valuation briefly touched $10 million following a surge in the token’s value, which hit an all-time high of $13.24.
According to blockchain analytics firm Arkham, Trump’s substantial stake in the cryptocurrency consists of approximately 579,290 TRUMP tokens, representing a value of around $7.13 million. This latest valuation spike comes amid Trump’s endorsements of the crypto sector, which he praised for its innovative potential. In addition to TRUMP tokens, Trump holds a significant amount of Ethereum (ETH), with his 463.35 ETH valued at about $1.81 million.
The rise in TRUMP’s price, which saw a 53% increase over the past week, coincides with the launch of a crypto-donation platform by the Trump 2024 campaign on May 21. However, the token witnessed a decline of 8.8% from its peak, settling at $12.04, as noted by CoinGecko, bringing Trump’s total crypto asset value to approximately $9.5 million amidst a broader market downturn on May 28.
Election Buzz Boosts TRUMP Crypto, BODEN Faces DeclineDespite its association with Trump’s political brand, the MAGA token is not officially linked to him. Launched in August last year, the token aims to support U.S. veterans and child trafficking prevention initiatives, with the official MAGA site reporting donations of 234.75 ETH and 204.5 ETH to these causes, respectively.
Donald Trump previously announced his intention to accept cryptocurrencies for campaign donations. This announcement was made at a gala for his “Mugshot Edition” NFT collection, emphasizing the need to keep crypto businesses in the U.S. to avoid stifling innovation due to regulatory challenges, aligning with his recent activities in the crypto space
