Based on Benzinga’s report, the cryptocurrency venture by ex-President Donald Trump has come to a halt. Trump became involved in crypto dealings which initially benefited him, but subsequent market volatilities led to a freefall in his investment.
Upon his first year in relationship with crypto, the main revenue source for the business magnate was a result of royalties from his originally owned NFT collection called Trump Digital Trading, which generated over 1,800 ETH.
Moreover, he greatly benefited from MAGA Coin, a meme coin that was launched in 2023 during his success, which resulted in a massive surge in the coin’s value. The project developers donated 579,289 MAGA Coin tokens that were worth a couple of grand in the first place.
Whereas before the election, the value of these coins was less than $2.5 million and fell into the minority of his total portfolio (about $5.3 million), now the worth exceeds $2.5 million and makes up the majority of his investments (almost 100% of the $5.3 million portfolio).
The MAGA Coin investment in his portfolio reached $8.5 million at its peak, making it his biggest asset during the election campaign. Nevertheless, the price of the MAGA Token has dropped remarkably (down 61%) over the past month.
However, due to these fluctuations, Trump’s crypto investments were worth only $3 million, even though he didn’t make most of these investments from his own pocket.
Also Read: Microstrategy Stock MSTR to go high as Bitcoin Halving looms
