Crypto Market Decline Impacts Donald Trump: Memecoin Holdings Plummet!
Following a sharp downturn in the cryptocurrency market today, former US President Donald Trump’s crypto investments have taken a significant hit.
Bitcoin and various altcoins saw substantial losses, with BTC dropping below $57,000 and altcoins experiencing declines ranging from 5% to 10%. Memecoins, particularly those themed around political figures, were among the hardest hit.
Leading the losses were MAGA (TRUMP), themed after presidential candidate Donald Trump, and Jeo Boden (BODEN), themed after Joe Biden. TRUMP witnessed a 45% decline over the past week, while BODEN plummeted by 76%.
The overall cryptocurrency market decline severely impacted Donald Trump’s memecoin portfolio, shrinking it by 75% from $31 million in June to $7.85 million presently, according to Arkham Intelligence data.
The assets in Trump’s wallet, which include 579,290 TRUMP valued at $2.88 million, 489.18 Ethereum (ETH) valued at $1.53 million, TROG worth $1.46 million, and 377,131 Wrapped Ethereum (WETH) worth $1.18 million, have significantly dwindled.
It’s essential to note that none of these memecoins were acquired by Trump himself; rather, they were tokens sent to him by various cryptocurrency developers to gain visibility for their projects.
*This article does not provide investment advice.