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Former President Donald Trump's cryptocurrency holdings experienced a notable surge, skyrocketing by over $1.9 million within a mere 24-hour period.
This surge is primarily attributed to the remarkable 22% increase in the value of the MAGA Meme coin, a token that has garnered significant attention in recent times.
Increased Valuation
Data sourced from Arkham Intelligence unveiled that the crypto assets of the former president are now valued at an impressive $8.79 million. This surge marks an astonishing, nearly 16% increase in just one day, witnessing a substantial leap of $3.71 million from its previous valuation of $5.08 million recorded on February 26, 2024.
According to Fortune, the meme coin surged more than 700% in one month, making its market cap near the $500 million mark.
The recent rally of the MAGA meme coin has played a pivotal role in driving this upward trend, as data from DEXScreener indicates. The rising popularity of meme cryptocurrencies, particularly those associated with celebrities or significant events, has garnered immense traction within the crypto community.
Trump's Remarkable Portfolio Growth
Over the past month, Trump's crypto portfolio has witnessed remarkable growth, ballooning from $1.7 million to $9.2 million as of March 3, 2024, riding on the bullish sentiment prevailing in the crypto market.
A Trading View report states that the MAGA meme coin, particularly, has demonstrated extraordinary growth since its inception, with numerous social media influencers predicting further gains as the Republican primaries approach.
Trump's Shifting Stance on Cryptocurrencies
Despite his historical skepticism towards Bitcoin and cryptocurrencies, with strong opposition voiced back in 2019, Trump has recently acknowledged the undeniable momentum of Bitcoin in an interview. He suggested that "some regulation" might be necessary given the widespread adoption of cryptocurrencies.
In January 2024, Trump expressed opposition to the United States developing its own Central Bank Digital Currency (CBDC), maintaining a cautious stance towards the evolving landscape of digital currencies.
Photo: Natilyn Photography/Unsplash
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