Trump Sells Off Millions in Ethereum Following Woeful NFT Business

Trump Sells Off Millions in Ethereum Following Woeful NFT Business

UTC by Mayowa Adebajo · 3 min read
Trump Sells Off Millions in Ethereum Following Woeful NFT Business
Photo: World Economic Forum / Flickr

Trump’s recent sell-offs have triggered speculations that he may have lost interest in crypto and may be seeking to cash in on all of his holdings.

Former president of the United States of America Donald Trump has sold no less than $2.4 million worth of Ethereum (ETH) over the past three weeks. That is according to a report by blockchain intelligence firm Arkham.

The latest report follows after Trump reportedly made the third attempt to recharge his NFT trading card business. However, seeing as the attempt yielded very little success, the former president may now be letting go of his crypto holdings, especially the ones he acquired as NFT royalties.

Per Arkham, Trump began sending Ethereum to the Coinbase exchange in early December. And over three weeks, he sold at least 1,075 ETH for $2.4 million. However, that is not all the crypto in his possession. Arkham confirms that Trump still has $2.2 million in various cryptocurrencies. They include $1.4 million worth of ETH, $649,000 worth of WETH, and $167,000 worth of MAGA coin as his most significant holdings for now. The ex-president also currently holds $340 worth of Pepecoin, $145 worth of JESUS, and some others, per Arkham.

Is Trump Divesting?

Trump’s recent sell-offs have triggered speculations that he may have lost interest in crypto and may be seeking to cash in on all of his holdings. However, some people also believe that the former president may not be divesting. This set of people believes that Trump is just done with Ethereum and is merely looking to pivot to its rival Solana network.

As of publication, Trump is yet to issue any public statement on the motive behind his recent crypto sell-offs. However, it might be related to his recent claims at a campaign rally, where he shared that he owes over $100 million in legal fees. Recall that Trump is currently involved with four separate criminal prosecutions.

NFT Business

It appears that Trump’s NFT collection may not have lived up to its full expectations. The first collection recorded a reasonable amount of success after its value rose shortly after launching last December. The second launched in April and saw its price hovering just below its original minting price of $99. Trump’s third NFT collection, however,  recently debuted, and it recorded a significantly lower success than the two previous editions. The special “Mugshot Edition” of 100,000, which was released on December 13, features pieces of the suit Trump wore while being booked in Georgia during an arrest earlier this fall.

As of publication, less than half of the collection has been minted so far. On top of that, even the floor prices on Trump’s first two NFT collections are on a downward spiral. Therefore, it might be safe to say that fatigue has set in for Trump’s NFT business. That is, it might be time to look elsewhere, and the ex-president may just be looking into that possibility already.

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