Key Points:
- Former President Donald Trump crypto holdings have increased by $6.1 million this year, with over 65% consisting of meme coins.
- Trump’s engagement with the cryptocurrency community has intensified, supported by crypto-friendly vice presidential candidate J.D. Vance.
A cryptocurrency address reportedly associated with former U.S. President Donald Trump has seen its holdings rise by $6.1 million this year, according to blockchain intelligence platform Arkham.
Read more: Official Trump Coins Designed by the Former President Launched for $100
Trump Crypto Holdings Increased $6.1 Million This Year
Arkham reported that Trump crypto holdings comprised more than 65% of meme coins. The most significant holding was $3 million in a token called TRUMP, followed by Ether and Wrapped Ether-WETH. Other altcoin holdings related to Trump were below $1 million each.
Although that may seem a modest figure given the breadth of the Trump financial empire, Trump crypto holdings give him a strategic edge in reaching out to the cryptocurrency community, which he has been trying to woo these last months.
This election cycle, a mix of technology executives and crypto enthusiasts have rallied around Trump, whom they perceive as more approachable than President Joe Biden or possible Democratic nominee Vice President Kamala Harris. Trump’s pick for a vice presidential running mate, Ohio Sen. J.D. Vance, is himself friendly toward crypto.
Shift in Trump’s Stance on Digital Assets Following NFT Success
The foray of Trump into the world of cryptocurrency began in 2022 with the sale of an NFT trading card collection that sold out in one day, netting almost $5 million in sales. He had previously labelled digital currencies, such as Bitcoin, a “scam,” but his recent success with NFTs seems to have softened him toward the sector.
More recently, he spoke at the annual Bitcoin conference in Nashville and has teased other projects on social media. He’s just made a live announcement on X about World Liberty Financial, a DeFi project including a new crypto token called WLFI.
Analysts say Bitcoin will also remain stable in the lead-up to the election as the price currently trades above $68,000.
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