Former president Donald Trump's engagement with the cryptocurrency community has significantly fueled gains across his digital asset portfolio, which soared by $1.3 million within a single day, reaching an impressive total of $6.581 million.
What Happened: This surge coincides with a notable rise in election-related meme coins following a pro-crypto speech by the former president.
The detailed breakdown of Trump's crypto assets includes 579,290 MAGA TRUMP/USD tokens valued at $3.67 million, signifying his largest holding, according to data from Arkham Intelligence.
Additionally, Trump owns 418.655 units of Ethereum ETH/USD, worth about $1.27 million, and 374.5 Wrapped Ethereum WETH/USD tokens, valued at $1.11 million.
His portfolio also includes 950,000 BABYTRUMP BABYTRUMP/USD tokens, worth approximately $49.9K, and a smaller stake of 5.250 Polygon (CRYPTO: MATIC) tokens, totaling about $3.56K.
Also Read: Spot Bitcoin ETFs Clock $11M Net Inflows On Wednesday As Grayscale Shifts Focus To Spot Ether ETF
Why It Matters: Trump’s recent speech, in which he declared his campaign's readiness to accept crypto donations and encouraged pro-crypto voters to support him, significantly influenced the rally.
He emphasized the importance of cryptocurrency to his supporters, stating, "If you can't, I'll make sure you can. Can we donate to the Trump campaign using crypto? I believe the answer is yes."
His direct appeal and the subsequent media coverage acted as catalysts, driving substantial increases in meme coins like Doland Tremp (TREMP), which surged over 124% in response.
This surge and Trump's direct involvement in crypto advocacy highlight the growing intersection between politics and cryptocurrency markets.
What’s Next: These developments are expected to be a focal point at Benzinga’s upcoming Future of Digital Assets event on Nov. 19, where the impact of political figures and policies on the dynamic landscape of digital assets will be explored in depth.
Read Next: JPMorgan Analysts Optimistic About Future Approval Of Spot Ether ETFs Despite Regulatory Hurdles
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
