Former United States President Donald Trump’s cryptocurrency portfolio experienced a significant spike, briefly surpassing $10 million on May 27. This milestone was largely driven by a surge in the value of the MAGA memecoin, TRUMP. On May 27, the blockchain intelligence firm Arkham reported that Donald Trump’s crypto asset portfolio had peaked at over $10 million. The dramatic increase was fueled by the MAGA memecoin, which reached an all-time high of $13.24 on the same day. Trump’s portfolio includes 579,290 TRUMP tokens, which were valued at approximately $6.79 million at their peak.

Trump’s Positive Stance on Cryptocurrency

The rise in the value of Trump’s crypto holdings coincided with his positive comments on the cryptocurrency industry. On May 25, Trump expressed his support for cryptocurrency companies and the burgeoning digital asset market, saying, “I am very positive and open-minded to cryptocurrency companies, and all things related to this new and burgeoning industry.”

In line with his pro-crypto stance, the Trump 2024 campaign launched a fundraising page on May 21, allowing supporters to donate in cryptocurrency. This initiative has further highlighted Trump’s embrace of digital currencies.

Market Correction and Portfolio Decline

Despite the initial surge, the value of TRUMP tokens experienced a decline, dropping 8.8% from their peak to $12.04 by May 28, according to CoinGecko. This downturn caused Trump’s overall crypto portfolio to fall back to $9.5 million as the broader crypto market faced a downturn in early trading.

The MAGA memecoin, although not officially affiliated with or endorsed by Donald Trump, was launched in August with the aim of raising funds for U.S. veterans and protecting children. Since its inception, it has donated 234.75 ETH to United States veterans and 204.5 ETH to child trafficking prevention efforts.

Other Crypto Holdings in Trump’s Portfolio

In addition to the TRUMP tokens, Donald Trump’s portfolio includes a significant holding of Ether (ETH). He owns 464.2 ETH, valued at around $1.79 million at the time of writing. Trump also holds a million MVP tokens, another memecoin that supports donations to his election campaign. The MVP token hit an all-time high of $0.709 on May 17 but has since fallen 33% to $0.477.

Donald Trump’s crypto portfolio’s brief peak above $10 million underscores the volatility and potential of the cryptocurrency market. His positive stance and campaign initiatives embracing digital assets highlight a growing trend of political figures engaging with the crypto industry. Despite recent declines, Trump’s significant holdings in various cryptocurrencies suggest a continued interest and involvement in this evolving financial landscape.