The Trump Digital Trading Cards, a non-fungible token (NFT) collection featuring illustrations of Donald Trump, experienced a surge in price and trading volume following a week many would refer to as “eventful” in the US political landscape.
This spike in trading activity has been linked to the release of the former United States president’s mugshot and his interview with a former Fox News host, Tucker Carlson.
On Thursday, August 24, Donald Trump’s mugshot was taken and circulated after he turned himself in at the Fulton County Sheriff’s office as part of his criminal case in Georgia for allegedly trying to manipulate the will of voters in the 2020 election.
The former president, who has been inactive on X (formerly Twitter) after his ban in January 2021 and subsequent reinstatement by then CEO Elon Musk, posted – for the first time in more than two years – his own mugshot on Friday, August 25.
— Donald J. Trump (@realDonaldTrump) August 25, 2023
Trump Digital Trading Cards Spike 160% In Trading Volume
The Trump Digital Trading Cards – minted on the Polygon chain – were launched in December 2022, sparking excitement from the NFT community. However, there seemed to be waning interest in the non-fungible tokens, a testament to the plunging NFT market.
Interestingly, the trading cards appear to be back to life after surging by more than 160% in trading volume in the past week, as per data from NFT marketplace OpenSea. A daily trading volume of 24.1 ETH was recorded on August 25, the collection’s highest since May 4.
Meanwhile, there was also a substantial rise in the Trump Digital Trading Cards’ sales in the last week. According to THE OpenSea data, the number of sales surged by 155%, culminating in a total of 237 trades over the past seven days.
Additionally, there was an impact on the floor price of the digital trading cards, which jumped by 52% in the last week. As of this writing, the minimum price of a non-fungible token from this collection stands at 0.1797 ETH.
The Race For US Presidency – Does Crypto Matter?
The cryptocurrency and blockchain industry have been a major talking point for many political leaders in recent times. Trump said on Twitter in 2019 that he was “not a fan” of Bitcoin, the leading asset in the cryptocurrency market.
Interestingly, there seems to be a change in the stance of the long-term critic of crypto assets – particularly Bitcoin. Earlier in August, Bitcoinist reported that Trump owns more than $2.8 million worth of Ether, the second-largest cryptocurrency by market cap.
With vocal supporters of Bitcoin, such as Vivek Ramaswamy and Robert F. Kennedy Jr., also in the running for the presidential seat, it would be intriguing to watch the posture of the political landscape towards the cryptocurrency economy over the coming months.
Crypto total market cap at $1.03 trillion | Source: daily TOTAL chart on TradingView
Featured image from Unsplash, chart from TradingView
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Author: Opeyemi Sule