Former United States President Donald Trump’s cryptocurrency portfolio is soaring in value, with meme coins taking center stage.
As of October 18, the portfolio was valued at $7.79 million, reflecting a whopping growth of 420% from $1.5 million recorded on the first day of 2024, according to data provided by on-chain analytics platform Arkham.
The crypto holding’s review shows that 65% of his current investment is in meme coins, with the MAGA (TRUMP) token accounting for the largest share. As of press time, the token, valued at $5.21, has surged over 1,300% in the past year, contributing $3.02 million to his portfolio.
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Ethereum (ETH) is second, valued at $1.3 million. Other notable holdings in the Republican presidential candidate’s portfolio include USD Coin (USDC), $137.81, and Polygon (MATIC), $1.96.
It’s worth noting that the growth can be tied to recent investor interest in meme coins. At the same time, most of the meme coins in Trump’s portfolio have been inspired by events affecting Trump, such as the recent failed assassination attempt and his association with Tesla (NASDAQ: TSLA) CEO Elon Musk.
Trump’s portfolio makes him one of the most prominent investors in the cryptocurrency space among current political players in the U.S.
Trump’s impact on crypto market
Notably, before the upcoming November election, Trump has expressed his support for digital assets, particularly Bitcoin (BTC), vowing to position the U.S. as a hub for digital asset innovation. At the same time, the former president has opposed the possible rollout of central bank digital currencies (CBDCs), which he believes threaten financial freedom.
Despite his investments in digital assets, Trump has also been involved in launching his cryptocurrency projects, specifically the World Liberty Financial (WLF) project.
According to Trump, the project seeks to revolutionize the financial system. However, the token launch has attracted controversy, with reports suggesting that Trump and his family could take home 75% of the net revenue from the token sale.
Additionally, the crypto coin missed its initial $300 million sales target, raising less than $12 million.
With this background in crypto sector investments, analysts maintain that Trump’s possible victory will have consequences on the price of most assets. For instance, Standard Chartered suggests that Bitcoin has the potential to rally to around $150,000 if he reclaims the White House.
His potential presidency’s relation to the cryptocurrency market is also reflected in betting odds, with Bitcoin’s price rising in correlation to increased Trump winning odds, as reported by Finbold.
Featured image:
Elkowitz, Jonah M. National Harbor, MD, USA – February 24, 2024. Digital Image. Shutterstock.
