According to on-chain data, a crypto wallet associated with former U.S. President Donald Trump has transferred millions of dollars worth of Ethereum (ETH) to Coinbase. This move has sparked curiosity and speculation among cryptocurrency enthusiasts and analysts.
Accumulation of Royalties
The Ethereum wallet in question has been accumulating royalties from Donald Trump’s NFT collection for several months. Recently, the wallet has initiated a significant move, transferring approximately 1,075 ETH, valued around $2.4 million at the time of the transaction, to the centralized crypto exchange Coinbase.
Despite this substantial transfer, the Trump-associated wallet still possesses a variety of cryptocurrencies valued at over $2.2 million. The wallet’s data reveals that the majority of these funds are in ETH (approximately $1.4 million), followed by Wrapped Ethereum (WETH) worth nearly $650,000, and the TRUMP token, amounting to around $177,000. At its peak, the wallet held a diverse range of cryptocurrencies, collectively valued at about $4 million.
The “Mugshot Edition” NFT Collection
This financial activity coincides with the recent release of a new NFT collection titled “Mugshot Edition,” which appears to be a reference to the legal troubles encountered by the Republican politician. As per a report from crypto.news, in mid-December, Trump announced on his social network, Truth Social, the launch of new non-fungible tokens. These NFTs feature an infamous mugshot taken after Trump’s arrest last August in an Atlanta-area jail, relating to charges of an alleged conspiracy to overturn the election results in Georgia.
The transaction’s purpose remains unclear, but it has certainly caught the attention of the crypto community, raising questions about the future activities of this high-profile crypto wallet.