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Former U.S. President Donald Trump has been caught cashing out his NFT royalties
Trump has sold over $2 million worth of ETH through Coinbase
It’s unclear whether he’s abandoning his NFT projects or cashing out to cover legal fees for his ongoing court cases
The former U.S. president Donald Trump has been seen liquidating funds tied to sales of his NFTs. An analysis by blockchain intelligence firm Arkham revealed that Trump has sold over $2 million in ETH through crypto exchange Coinbase in less than a month. Although Trump hasn’t disclosed why he’s cashing out, the web3 community is speculating he may be planning to abandon the projects or the funds are to settle the legal fees for his ongoing court cases.
A Peak Balance of $4 Million
The amount already cashed out is like half of the total NFT royalties earned from his three NFT collections. Trump’s wallet now has $2.2 million in assorted cryptocurrencies including ETH and wrapped ETH (WETH), with Arkham noting that the wallet’s “peak balance was $4 million.”
Looks like Donald Trump is selling his ETH.
3 weeks ago he started sending ETH to Coinbase after months of accumulating Trump NFT royalties. His peak balance was $4 million.
Based on the deposits, so far he’s sold 1,075 ETH for $2.4 million. pic.twitter.com/JZzA3cS2je
— Arkham (@ArkhamIntel) December 27, 2023
The sell-off comes as his collections continue to attract less interest from the community. His first collection ‘Donald Trump Digital Trading Card’ launched in December 2022 saw a largely positive response from the NFT community despite each card being priced at an astounding $99.
In April 2023, he launched a series-two of the first collection with the same price. However, his third collection ‘Mugshot Edition’ launched this December failed to gain as much attention with most of the NFTs in the collection yet to be minted.
Signs of a “True Bottom?”
Trump’s actions have angered some in the community who view the dumping as the former president’s way of leaving the Ethereum ecosystem. Others view the actions as a sign that his collections have reached a “true bottom.”
True bottom signal
Rare Trump L
— Parikshit (@parimtm) December 27, 2023
Trump’s wife Melania Trump also has NFT collections, with her first being marred with controversy.
With Trump yet to disclose the reason for cashing out, his actions are likely to dampen interest in his NFT projects.
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