Trump's Ethereum Sell-Off and NFT Setbacks
Explore Trump's recent $2.4M Ethereum sell-off and challenges in his NFT trading card business, amidst speculations on his crypto strategy shifts.
In recent weeks, former President Donald Trump has been making headlines with his active selling of cryptocurrency holdings. Speculations about his continued interest in crypto have been stirred as he sold Ethereum (ETH) worth approximately $2.4 million over the past three weeks. This move coincides with challenges faced by his NFT trading cards business, as efforts to rejuvenate the venture have yielded underwhelming results.
https://twitter.com/ArkhamIntel/status/1740052834949972155
Trump's Ethereum Sell-Off
According to Arkham, Trump transferred Ethereum to the Coinbase exchange in early December and sold at least 1,075 ETH. Despite these sales, Trump retains a significant crypto portfolio, including $1.39 million in ETH, $649,000 in WETH, and $171,000 in MAGA coin. Smaller holdings in cryptocurrencies like Pepecoin and JESUS can also be found in his portfolio.
Challenges in Trump's NFT Business
Trump's involvement in NFTs extends to his trading card business, which has experienced mixed success. The first collection saw a spike in value after its launch in December. Still, subsequent collections, including the April release and the "Mugshot Edition," have struggled to garner the same level of interest. The most recent collection, featuring images related to Trump's booking in Georgia, has minted less than half of its 100,000 pieces. Additionally, the floor prices of the initial two NFT collections have dropped, indicating a waning interest in Trump's NFT endeavours.
While Trump's recent crypto activities may hint at broader financial strategies, what the future holds for his involvement in the crypto world and the fate of his NFT trading card business remains to be seen. As Trump faces significant legal fees amid multiple ongoing criminal prosecutions, his recent sell-offs and the challenges in his NFT venture might reflect a shift in priorities.
Main image credit: DepositPhotos
