In a surprising turn of events, a wallet connected to former U.S. President Donald Trump has been making headlines in the crypto world. According to Arkham Intelligence, an on-chain firm, this wallet has transferred over $2.4 million worth of ether (ETH) to the popular crypto exchange Coinbase. This revelation comes after Arkham Intelligence previously identified digital assets associated with Trump based on his financial disclosures.
The movement of funds from Trump’s wallet to Coinbase began approximately three weeks ago. This comes as a result of months of accumulating Trump NFT royalties, with the peak balance in the wallet reaching an impressive $4 million. Arkham Intelligence estimates that Trump has sold 1,075 ETH for a total of $2.4 million.
In December 2022, Donald Trump released a collection of 45,000 NFTs priced at $99 each. These NFTs quickly gained popularity and generated a staggering trading volume of 15,013 ETH (equivalent to $35.4 million) on the NFT marketplace OpenSea. The success of this initial NFT drop prompted Trump to release a second collection priced at the same amount, which generated $119,100 in trading volume within just a week.
Trump continued to captivate NFT enthusiasts by unveiling yet another set of digital trading cards. These cards offered fans the opportunity to win exclusive perks such as dinner with the former president himself or a piece of the suit he wore when taken in by Georgia police after being indicted in August.
Interestingly, the recent sales tracked by Arkham Intelligence coincided with a significant surge in ether’s value. Over the past month, ether, the world’s second-largest cryptocurrency by market capitalization, experienced a 17% increase. At the time of reporting, it was trading at $2,376, showing a 6.7% rise in the past 24 hours. This positive market trend likely played a role in the timing of Trump’s decision to sell his ETH.
It’s important to note that the NFT drops and promotions associated with Trump were orchestrated by NFT INT LLC under a paid license from CIC Digital LLC. The website for Trump’s digital trading cards clarifies that neither NFT INT LLC, The Trump Organization, CIC Digital LLC, nor any of their respective principals or affiliates own, manage, or control the entities involved. The license for using Trump’s name, likeness, and image also highlights the possibility of termination or revocation according to its terms.
According to disclosures by Citizens for Responsibility and Ethics in Washington, Trump has held various positions within CIC Digital LLC, including manager, president, secretary, and treasurer. These documents further revealed that the former president owned up to $5 million worth of ether and earned at least $4.9 million from NFT licensing fees.
The movement of funds from Donald Trump’s crypto wallet to Coinbase showcases the ongoing influence and involvement of notable figures in the cryptocurrency space. As the NFT market continues to thrive, it remains to be seen what impact these developments will have on both the industry and Trump’s future endeavors. Whether he will continue to actively participate in the crypto world or explore new avenues, one thing is for certain: Trump’s presence in the cryptocurrency realm has generated significant attention and intrigue.