Former President Donald Trump Sells Over 1000 ETH Tokens Worth $2.4 Million from NFT Project
Former President Donald Trump has made a significant profit from selling over 1000 ETH tokens worth approximately $2.4 million in the past few weeks. This information comes from a report by Arkham Intelligence, revealing that the tokens are connected to his NFT project. The project consists of a trading card collection featuring Trump in various heroic poses and scenes.
Designed as digital collectibles, these NFTs were initially launched in late 2022, with each card selling for $99. Since then, they have generated an impressive trading volume of over $4.5 million.
The current market price for each token stands at a staggering $650, granting Trump an impressive return on investment. These tokens earned him royalties in the form of Ethereum, accumulating a total of 1,075 ETH. Subsequently, he transferred the digital currency to Coinbase in late 2023, when the market price was around $2,200 per coin.
However, had Trump held onto his Ethereum holdings for a few more months, he could have earned an additional half a million dollars. Ethereum has experienced a surge of over 10% in 2024, driven by the anticipation of blockchain upgrades and the potential approval of a spot ETF.
Aside from his initial NFT collection, Trump also released another set of trading cards last year, featuring his mugshot. These cards offered holders exclusive rewards, such as pieces of the suit he wore during the booking photo.
With the 2024 election cycle approaching, speculation has arisen regarding whether Trump will sell any remaining Ethereum from his NFT sales to finance his campaign. Time will tell how these digital assets will contribute to his future endeavors.
Analyst comment
Positive news: Former President Donald Trump has sold over 1000 ETH tokens worth $2.4 million from his NFT project. The NFTs generated over $4.5 million in trading volume. However, he could have earned an additional half a million dollars if he had held onto his Ethereum holdings for a few more months. There is speculation on whether he will sell more Ethereum for his 2024 campaign. Market analysis: The sale indicates profit-taking and potential financial resources for Trump’s campaign. Ethereum’s surge and anticipation of blockchain upgrades and spot ETF approval suggest a positive market outlook.
