Nfts
Trump’s NFTs have risen over 90% since the ex-president’s pro-crypto comments, will the rally continue with the Hush Money trial verdict?
May 28, 2024 4:38 p.m. | 2 minutes of reading
Former president Donald Trump has taken the cryptocurrency industry by storm with a shift in stance and pro-Bitcoin (CRYPTO: BTC) position yourself in front the 2024 elections.
With the new comments, meme coins linked to the former president and NFTs previously released by Trump have soared in value.
What happened: After previously dismissing the value of Bitcoin, Trump is now ready to embrace and use the sector. as a campaign promise to appeal to cryptocurrency fans ahead of the election.
Trump told supporters to ‘build a crypto army,’ response to senator Elizabeth Warren previously building an anti-crypto army.
The former president also began accepting campaign donations in Bitcoin and other cryptocurrencies, becoming the first major party presidential candidate to do so in the United States
The pro-crypto stance has led to an increase in purchasing activity and valuation of Trump’s first NFT collectionwho has been published in December 2022.
The collection, titled Trump Digital Trading Cards, was priced at $99 and the collection was 45,000 units quickly exhausted.
On May 8, before Trump’s pro-crypto speech, the floor price of the collection was 321.75 MATIC (CRYPTO: MATIC) on Magic Eden. After Trump’s comments, the collection quickly increased in value.
Today, the floor price on Magic Eden is 625 MATIC, or approximately $457.94 based on a price of $0.7327 for Polygon at the time of writing.
This represents a gain of 94.2% over the last 20 days. The collection is also up more than 360% from the new price of $99.
Related link: Donald Trump: “I will ensure that the future of crypto and Bitcoin is made in the United States”
And after: Trump has released three NFT collections, with his second collection offering 47,000 additional NFTs and a third collection highlighting its Viral ID photo.
While NFT trading has slowed in many collections, Trump NFTs remain volatile around major events related to the former president.
Previously, the value of NFTs had skyrocketed based on election results, like other Republican candidates dropping out of the race and around trials and federal charges related to Trump.
A high-profile secret trial alleging that Trump falsified business records is wrapping up in New York this week, and the jury is expected to begin deciding the outcome on Wednesday.
As the collection is often volatile around trials, investors and NFT holders are likely eagerly awaiting the conclusion and a likely not guilty or guilty verdict from the jury.
Trump Media & Technology Group Corp. (NASDAQ:DJT) stocks have also been volatile due to events and Trump’s trials. Shares of the Trump-owned media company rose 9% to $48.91 on Tuesday.
Read next: Trump guilty or not guilty? The Hush Money Trial Verdict Is Not So Simple: 5 Possible Outcomes
Image: Halfway
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