Former President Donald Trump has profited over $1 million from the recent surge in the value of the MAGA cryptocurrency token, according to analysis from Arkham. Between August and October 2023, Trump received an initial sum of $7,100 worth of MAGA tokens from the project team. The holdings have skyrocketed in value to over $1.07 million as of now, representing a massive growth of about 15,000%.
Despite the overall cryptocurrency market undergoing a correction currently, MAGA has risen over 11% in the last 24 hours, over 186% in the last week, and more than 653% in the previous two weeks.
Trump is currently a top contender for the Republican presidential nomination in 2024 after winning the New Hampshire primary over Nikki Haley. He previously won the Iowa caucuses as well. His recent political wins may be fueling enthusiasm and demand for the MAGA token, as its price rally picked up steam in the second week of January.
This is not Trump’s first involvement with cryptocurrencies and related assets. He has also launched several NFT (non-fungible token) collections in the past, including the Trump Digital Trading Cards and an NFT featuring his famous mugshot from 2023. Financial documents from 2023 showed he holds between $250,000 to $500,000 worth of an Ethereum cryptocurrency wallet, likely from sales of his NFTs.
Though Trump’s actions demonstrate an embrace of crypto, he has verbally stated opposition to central bank digital currencies, saying he would “never allow the creation of a central bank digital currency” if elected president in 2024.
