Home Cryptocurrency Trump’s crypto portfolio down 50% as new memecoins fail to keep pace

Trump’s crypto portfolio down 50% as new memecoins fail to keep pace

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Donald Trump’s cryptocurrency portfolio attracted attention last week as it mushroomed past the $30 million mark.

The launch of a new meme asset, TROG, propelled the billionaire’s crypto balance toward $34 million.

However, the upside was short-lived, as market volatility gradually dragged Trump’s crypto portfolio to press time values of $16.71 million, down by over 50% from recent highs.

Source – Arkham

Memecoins fluctuations dent Trump’s crypto balance

The latest meme coin craze cemented Trump’s presence in the crypto world, with tokens like STRUMP exploding to ATHs.

Meanwhile, the TROG launch magnified optimism, sending the billionaire’s total investment in crypto to $34 million.

Altcoin Trog recorded a remarkable 1000% uptick within the past week to the $0.0001152 peak.

Nevertheless, wild fluctuations sent the alt downward.

TROG traded at $0.00002283 during this writing, losing nearly 30% in the past 24 hours.

The massive dip after a significant surge has dented Trump’s investments in crypto.

Trog 1D Chart on Coinmarketcap

While MAGA kept Trump’s portfolio afloat with an 8% increase over the past day, other tokens on his portfolio, Ethereum and Wrapped Ethereum, remained downbeat.

Ethereum mimicked Bitcoin’s actions, changing hands at $3,680 during this writing.

New memecoins struggling to succeed

While themed assets have been vital in the crypto market, even making some millionaires, their growth trend has grabbed analysts’ attention.

Market players question whether these assets could sustain long-term success using similar and outdated approaches.

Alex Kruger believes a well-connected staff isn’t enough for a successful project in the digital era.

The odds of a new memecoin succeeding by following the same old approach are very close to zero at this point, regardless of how well-connected the team may be. Memecoins need new mechanics, such as those seen with Notcoin.

“Fair launches” only work under extraordinary… pic.twitter.com/wqyWkx56uF

— Alex Krüger (@krugermacro) June 10, 2024

He urges developers to adopt mechanics “such as those seen with Notcoin” to prevent massive price dips upon launches.

Notcoin is a community-centered altcoin, making Web3 accessible to users via a tap-to-earn online game.

NOT gained 30% in its monthly price chart to hover at $0.01854 during this writing.

Further, analysts expect continued surges for NOT coin as Telegram gains increased popularity.

Indeed, Trump’s journey within the crypto market has been wild, attracting enthusiasm and skepticism.

The former president went from calling digital assets a disaster in 2021 to accumulating significant amounts.

Nonetheless, Trump’s crypto experience underscores the volatility inherent in these assets.

Interested players should maintain a cautious approach when interacting with cryptocurrency investments.

The post Trump’s crypto portfolio down 50% as new memecoins fail to keep pace appeared first on Invezz

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