Trump's Crypto Divestment: Analyzing His NFT Business and Sell-Offs

Former President Trump's foray into the world of NFT trading cards has hit another roadblock as he appears to be divesting his crypto holdings. After unsuccessful attempts to revive his NFT business, Trump has started sending the ETH he earned as NFT royalties to Coinbase, according to blockchain intelligence firm Arkham. In the past three weeks, he has sold off 1,075 ETH, amounting to $2.4 million. Despite these sales, Trump still holds $2.2 million in various cryptocurrencies, including $1.4 million worth of ETH, $649,000 worth of WETH, $167,000 worth of MAGA coin, $340 worth of Pepecoin, and $145 worth of JESUS, among others.

Trump's first NFT collection initially showed promise, with values appreciating significantly after its debut in December. However, his second collection, launched in April, struggled to maintain its original minting price of $99. By the time Trump released his third NFT collection, the "Mugshot Edition," featuring pieces of the suit he wore during an arrest in Georgia, it was evident that Trump NFT fatigue had set in. Currently, less than half of the collection has been minted, and the announcement of the "Mugshot Edition" led to plummeting floor prices for Trump's first two collections.

While some Twitter users criticized Trump for not remaining committed to Ethereum and holding onto his crypto assets, others jokingly suggested that he might be pivoting from Ethereum to the rival network Solana. Trump has not publicly commented on the reasons behind his recent crypto sell-offs. However, at a recent campaign rally, he claimed to owe over $100 million in legal fees due to his involvement in four separate ongoing criminal prosecutions.