Is crypto dead as Former US president Donald Trump, well-known for his ventures into various industries, has recently expanded his business footprint into the Non-Fungible Token (NFT) market, valued at $9 billion. This expansion was marked with the launch of a unique “Mug Shot” digital collection, which seems to have stirred the pot in the cryptocurrency world.
Looks like Donald Trump is selling his ETH.— Arkham (@ArkhamIntel) December 27, 2023
3 weeks ago he started sending ETH to Coinbase after months of accumulating Trump NFT royalties. His peak balance was $4 million.
Based on the deposits, so far he's sold 1,075 ETH for $2.4 million. pic.twitter.com/JZzA3cS2je
As per the data from Arkham, a leading blockchain analytics firm, Trump has now taken a significant step towards diversifying his digital portfolio by liquidating $2.4 million worth of Ethereum. This amount is equivalent to 1,075 ETH, which he had accumulated from the royalties of his NFT collections.
Interestingly, Trump’s engagement with the digital asset sphere doesn’t stop here. His digital assets are reported to be worth around $2.2 million, ranging from $1.4 million in Ethereum to $145 in JESUS coins.
Trump’s journey in the NFT space began in December 2022 with the release of his inaugural set of digital collectibles that fetched him a considerable sum of $4.5 million. This collection featured 45,000 cards, each priced at $99, which were sold out in less than a day. These digital trading cards provided a unique glimpse into Trump’s life and career, and due to their popularity, gave way to the release of two more collections. However, the market reception of the latest “Mugshot Edition” NFTs has been lukewarm. The collection, highlighting Trump’s encounter with the law in Georgia, has not yet achieved its sales target. Consequently, the value of previous collections has seen a decline, raising concerns about their investment potential. As the digital world continues to evolve, it remains to be seen how Trump’s future ventures in the NFT space will unfold, now we have the question: Is crypto dead for now.