Donald Trump "lost" $3 million in crypto last month
The price of MAGA Coin, a memecoin associated with Trump's portfolio, dropped over 60% in March.
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US presidential candidate Donald Trump saw a $3 million loss in crypto holdings in March, mainly due to the decline of MAGA Coin (TRUMP), a memecoin on Ethereum, according to data from Arkham Intelligence.
The origins of Trump’s involvement with MAGA Coin date back to August 2023 when the token’s creators gifted him 579,289 TRUMP, worth around $4,000 at the time, CoinGecko’s data shows.
The value of this memecoin has since increased significantly, making Trump’s holdings worth over $2.5 million at one point. This stake became a large part of his $5.3 million portfolio.
However, the coin’s fortunes—and by extension, Trump’s portfolio—took a sharp turn. After peaking at around $11.5 in early March, MAGA Coin’s price plummeted to around $4, around 61% lower than its record high.
The decline has negatively affected Trump’s crypto portfolio, dragging his crypto holdings down from an impressive $8.5 million to $5.3 million, reflecting a stark $3 million decline. However, this $3 million figure represents an unrealized loss, as Trump acquired the MAGA Coin tokens at no personal cost, thus missing out on millions in potential earnings by not selling at the market peak.
Many investors see MAGA Coin as a betting market on the election due to its ties to the “PoliFi” trend. The price of this token seems to be influenced by Trump’s performance during his election campaign. The price increased when he did well in the primaries and won the Republican nomination.
Despite Trump’s skepticism toward crypto, he has actively engaged in NFT ventures and made millions over the past few years.
The Trump Digital Trading Cards, released in December 2022, comprised 45,000 NFTs sold at $99 each, providing Trump with ongoing royalties from subsequent trades. From this venture, Trump amassed over 1,800 Ethereum (ETH) and Wrapped Ethereum (WETH), with his portfolio holding approximately 800 ETH and WETH.
Following the success of two earlier collections that generated significant revenue, he unveiled a new NFT collection on Bitcoin Ordinals in January.
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