According to crypto analysis firm Arkham, former US President Donald Trump made $1 million with the MAGA (TRUMP) cryptocurrency. Trump initially received $7.1K worth of tokens from the TRUMP team between August and October 2023. As of now, the value of the holdings has surpassed $1.07 million, a growth of around 15000%.
While the cryptocurrency market is going through a correction, MAGA (TRUMP) is up by over 11% in the last 24 hours, over 186% in the weekly charts, and more than 653% in the previous 14 days.
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The former US President is a prime candidate in the latest presidential race for the White House. Trump moved closer to the Republican presidential nomination after defeating Nikki Haley in the New Hampshire primary round. Trump had previously won in the Iowa caucuses.
The recent wins may have played a hand in the MAGA cryptocurrency’s price rallying as the asset began its upward momentum in the second week of January.
Is Donald Trump big on cryptocurrencies?
The MAGA token is not the former US President’s first run-in with crypto. Trump had also launched a few NFT (Non-Fungible Token) collections, which include the Trump Digital Trading Cards and an NFT of his famous mugshot from 2023.
According to a 2023 financial disclosure document, the former president has around $250,000 to $500,000 in cryptocurrency assets. The asset is listed as a ‘cryptocurrency wallet (Ethereum)’ and connects to his NFT collections. Trump’s crypto holdings are likely from the sales of his NFTs.
Also Read: Donald Trump Opposes US CBDC Creation
Although his actions show support for crypto, Trump has vocally said he is against using CBDCs (Central Bank Digital Currencies). The former president stated that he “will never allow the creation of a central bank digital currency” if elected in 2024.