US election: Donald Trump's campaign accepts crypto donations
On Tuesday, the Trump campaign made a groundbreaking announcement, revealing that it would start accepting contributions in cryptocurrency, marking a historic first for a significant party's presidential candidate.
This move aligns with Trump’s broader political vision, emphasizing the preference for "liberty over the constraints of a socialistic government," as outlined by his campaign.
Building a “Crypto Army” with Trump Supporters
A recent press statement from the campaign clarifies that enthusiasts can now make donations with "any cryptocurrency supported by the Coinbase Commerce service." The campaign promises to comply fully with the Federal Election Commission's rules, encompassing both the limits on contributions and the need for transparency.
The initiative seems to counteract efforts by figures like Senator Elizabeth Warren, a known advocate for President Joe Biden, who has expressly opposed cryptocurrency involvement. In a campaign video shared on X in March 2023, Warren announced her commitment to forming an "anti-crypto army" aimed at limiting the financial freedoms of Americans.
In a spirited response, the Trump campaign announced, "With the introduction of a cryptocurrency donation option, MAGA supporters are set to form a formidable crypto army, propelling the campaign towards triumph on November 5th!"
At a recent event at Mar-a-Lago, Trump labeled himself as "the candidate for crypto," thrusting digital currencies into the 2024 campaign spotlight.
Back in December 2022, Trump released a special series of NFT trading cards available for purchase with cryptocurrency. Just this month, he celebrated these NFT supporters with an opulent dinner at Mar-a-Lago, reaffirming his support for cryptocurrency.
"Crypto enthusiasts have a clear choice in Trump, as the opposition seeks to dismantle it," he mentioned at the dinner, casting the Democratic Party and President Joe Biden as adversaries of cryptocurrency. Trump also committed to enabling crypto donations for his campaign.
14% Spike in TRUMP Token Value as Sellers Capitalize
Following the announcement about accepting cryptocurrency donations, the TRUMP token's value saw a 14% uptick, as reported by Nansen.
Nansen disclosed in a X post series that analysis of the top 10 on-chain TRUMP purchasers in the preceding 24 hours revealed most had minimal average ROI and success rates, with several engaging in prior purchases of TRUMP at no substantial profit.
However, the scenario for the top 10 on-chain TRUMP sellers tells a different story.
The leading seller’s address has been making significant gains, having invested in TRUMP early and cashing out at peak values, with over 1,600% in unrealized gains pic.twitter.com/l18iUe6xh8
— Nansen 🧭 (@nansen_ai) May 21, 2024
These top sellers, particularly the foremost address that got in early on TRUMP, have been capitalizing on peak markets, showcasing more than 1,600% in unrealized gains.
This trend reflects a broader movement with the TRUMP price soaring over 60% in the recent month, revealing a pattern where these sellers are progressively securing profits to minimize their market exposure, with many seeing upwards of 1,000% in unrealized gains.
