December 28, 2023

Trump Sells off Crypto Holdings worth $2.4 Mln

Donald Trump

Donald Trump

Donald Trump, the former President of the United States, has reportedly decided to sell off his considerable cryptocurrency holdings.

This comes after his attempts to revive his NFT trading card business for the third time failed to yield significant success. According to a recent analysis by blockchain intelligence firm Arkham, Trump has transferred his accumulated ETH, which he earned as NFT royalties, to Coinbase.

Over the last three weeks, he has sold 1,075 ETH, earning a total of $2.4 million. While this may seem like a significant amount, Arkham’s analysis indicates that Trump still holds $2.2 million worth of various cryptocurrencies, including $1.4 million worth of ETH, $649,000 worth of WETH, $167,000 worth of MAGA coin, $340 worth of Pepecoin, and $145 worth of JESUS, among other holdings.

In December of last year, Trump launched his first NFT collection, which gained significant value appreciation. However, his second collection, released in April, failed to maintain its original minting price of $99.

By the time the third NFT collection was launched, which was a special “Mugshot Edition” comprising 100,000 pieces of the suit Trump wore during his arrest in Georgia earlier this fall, it appeared that Trump NFT fatigue had set in. As of now, less than half of the “Mugshot Edition” collection has been minted.

Additionally, the floor prices of Trump’s first two NFT collections began to plummet after announcing the “Mugshot Edition” earlier this month. Some Twitter users criticized the former “Apprentice” host for not holding onto Ethereum and continuing to invest in it into the new year.

It has been speculated that Trump may not be getting rid of his cryptocurrency holdings altogether but rather shifting his focus from Ethereum to the competing Solana network, at least according to some humorous remarks made by others.

Trump himself has not publicly discussed his reasons for selling off his crypto investments. However, during a recent campaign rally, he mentioned that he owes more than $100 million in legal fees due to his involvement in four ongoing criminal prosecutions.

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