Former U.S. President Donald Trump has been making waves in the cryptocurrency world as a wallet linked to him has reportedly moved over $2.4 million worth of ether (ETH) to the popular crypto exchange Coinbase. This news comes from on-chain firm Arkham Intelligence, which first identified digital assets believed to belong to Trump back in August.
It appears that Trump’s wallet has been active for several months, accumulating royalties from Trump-branded non-fungible tokens (NFTs). The wallet’s balance peaked at $4 million before the recent transactions to Coinbase. According to Arkham Intelligence, Trump has sold 1,075 ETH for $2.4 million, indicating his willingness to liquidate a portion of his cryptocurrency holdings.
Trump’s NFT Ventures
The former President’s foray into the world of NFTs began in December 2022 when he released a collection of 45,000 NFTs priced at $99 each. These NFTs quickly gained popularity, amassing a total trading volume of 15,013 ETH ($35.4 million) on the NFT marketplace OpenSea. Such success prompted Trump to release a second NFT collection priced at $99 each, which generated an additional $119,100 in trading volume.
Not content with just NFTs, Trump has also ventured into the realm of digital trading cards. He unveiled a set of Trump Digital Trading Cards, which offered fans the chance to win various perks such as dinner with him or a piece of clothing worn during his arrest in August. These cards have undoubtedly attracted attention and likely contributed to the recent surge in Trump’s ether transactions.
Interestingly, Trump’s cryptocurrency activities align with a significant rise in the price of ether. Over the past month, Ethereum has experienced a 17% surge, reaching a trading price of $2,376 at the time of reporting. While it is difficult to attribute this price increase solely to Trump’s actions, there is a possibility that his NFT drops and promotions played a role in boosting the overall demand for ether.
It is worth noting that the NFT drops and promotions associated with Trump were managed by NFT INT LLC, which operates under a paid license from CIC Digital LLC. Trump’s official website for his digital trading cards clarifies that NFT INT LLC is not directly connected to Donald J. Trump or any of his affiliated entities.
Citizens for Responsibility and Ethics in Washington have previously revealed that Trump owned up to $5 million worth of ether and earned substantial income from NFT licensing fees. However, it is important to acknowledge that the license for using Trump’s name, likeness, and image could be terminated or revoked in accordance with its terms.
The recent movement of $2.4 million worth of Ethereum from Donald Trump’s wallet to Coinbase indicates his active involvement in the world of cryptocurrencies. His successful NFT ventures and the surge in Ethereum’s price suggest that his actions have had a notable impact on the cryptocurrency market. However, it remains to be seen how Trump’s foray into the crypto realm will unfold in the long run.
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