By Tom Blitzer
Key Insights:
- Trump’s X comeback triggers NFT sales surge.
- Mugshot release sees 426% day-to-day NFT boost.
- The media spotlight on Trump reshapes crypto trends.
Former U.S. President Donald Trump’s recent re-engagement with X, formerly Twitter, has had notable repercussions in the cryptocurrency sector. This return is closely linked to the release of his mugshot, a result of charges in Georgia concerning alleged 2020 election discrepancies.
Trump’s prior activity on X can be traced back to January 8, 2021. His account’s suspension, attributed to concerns over potential incitement of violence, led to this hiatus. Although Elon Musk reinstated the account after acquiring X, Trump predominantly interacted with his followers via his platform, Truth Social. However, his sudden reappearance on X coincided with a significant event: his processing at Fulton County Jail, marking a unique instance of a former U.S. president’s mugshot release.
Cryptocurrency Sector Responds
The unfolding events around Trump have had measurable effects on the cryptocurrency market. Data from Cryptoslam.io provides insight into this phenomenon. A day after the release of Trump’s mugshot, his Digital Card series witnessed a 426% surge. Additionally, a week’s observation indicates a 208% increase in NFT sales associated with Trump.
Transactions related to Trump’s NFTs have reached nearly $20.68 million from approximately 47,552. Moreover, around 14,016 digital wallets are recorded to possess at least one Trump card, with the average duration of ownership being 19 days.
The Impact of Media Engagement
After Tucker Carlson’s discussion on X, Trump’s NFT values and trading volumes saw a noticeable surge. The conversation garnered immense interest, swiftly reaching 110M views. By the afternoon in Europe, the Trump Digital Trading Cards on Polygon were priced at more than 0.13 ETH, up from 0.1 ETH just a week prior. Figures from OpenSea also support this pattern.
Introduced in December, Trump’s 45,000 fantasy card collection, which resembles traditional collectible cards and was priced at $99 each, was quickly acquired by enthusiasts. These cards now have over 13,000 distinct holders. Furthermore, these card owners can partake in events involving Trump.
However, it’s pertinent to mention that the value of this NFT collection has experienced a decline in the past months, reflecting the broader crypto market’s trajectory. With the U.S. on the cusp of another election cycle, the intersection of politics and cryptocurrency remains scrutinized, with future developments keenly awaited.