Trumps Crypto Holdings Crosses $16 Million, But there is a Catch

Donald Trump, the recently elected 47th president of the United States, now has a crypto portfolio that contains over $16 million in various tokens. Trump, known for his pro-crypto stance, was vocal about it during his campaign.

At that time, Trump promised to bring back the lost crypto glory of the United States (rephrasing), by making the country crypto-friendly which could attract innovation through major crypto companies.

Also, he promised to make the U.S. the “Bitcoin capital of the world,” and to create a national Bitcoin reserve. With his foresight, it is not surprising that he holds tens of millions of these tokens right?

Trump’s Crypto Portfolio Almost at $17 Million

According to data from on-chain public service, Arkham Intelligence, Donald Trump added about $6.7 million in less than 24 hours to reach $16,623,326 ($16.62 million).

Per the data, Trump’s wallet holds a healthy mix of crypto assets including well-known tokens and lesser popular ones. Precisely, Trump has Ethereum (ETH) Wrapped Ethereum (WETH), USDC, and TRUMP memecoin. Other tokens include TROG, GUA, TUA, and RIO.

Here’s the Catch

Many would wonder, why the president holds some of these highly unstable assets. Before you get too excited, it has not been officially confirmed if Trump actually bought these tokens himself.

This wallet is public, which means that anyone could send crypto to it, requested or not. Token developers often use this means, sending their coins to key industry figures, as a means for publicity.

We have also seen similar cases with Vitalik Buterin, the founder of Ethereum, receiving tokens to his public wallet from creators. So, it is possible that some of these coins were transferred to his wallet by external parties.

Effect on Coin Prices

Oftentimes, such updates create a positive atmosphere around included coins. For example, TROG, the dominant crypto in Trump’s wallet, with $10.41 million worth, has seen a staggering increase in the last 24 hours.

According to data from CoinMarketCap, TROG skyrocketed by 123% in the last 24 hours to trade at $0.00003947. Additionally, its market activities within the same time surged unprecedentedly by 532%.

Also, the memecoin named after him, TRUMP, spiked by 3.19% per on-chain data, to trade at $1.81.

Ultimately, this highlights the intriguing intersection of politics and cryptocurrency, showcasing how public figures like Donald Trump can influence market sentiment, even indirectly.

While Trump’s pro-crypto rhetoric might inspire confidence in the sector, the lack of clarity about the origins of some tokens in his wallet underscores the speculative and unpredictable nature of crypto markets