Non-fungible tokens that feature the resemblance to former US President Donald Trump have recorded a massive surge in their value after his recent arrest in Georgia. As anyone would expect, the arrest rapidly became the talk of the town. What is the hype all about?
NFTs Rise Remarkably
In the past week, the trading volume for Trump’s digital cards has seen a remarkable increase of 177%. The surge peaked at a value of 24.1 ETH on August 25. Adding to that Spike, the minimum price of the cards also increased by 61%, acquiring a new benchmark of 0.19 ETH.
After the arrest of former US President Trump, the trading volume of Trump Digital Trading Cards, his personal NFT collection, increased by 177% in the past 7 days to 37.93 ETH, of which it reached 24.1 ETH on August 25, the highest since May 4 ; The floor price also surged 61%…
— Wu Blockchain (@WuBlockchain) August 26, 2023
Donald Trump was taken into custody in Atlanta on claims of illegal activities targeting manipulation of the outcome of Georgia’s 2020 presidential election. Despite strongly denying any wrongdoing and labeling it a ‘witch hunt,’ interest in his digital cards has exploded.
In December 2022, Trump capitalized on the NFT trend by launching 45,000 digital cards where he portrayed himself in various roles, ranging from a NASCAR driver to a superhero. Valued at $99 each, these NFTs now command massively higher values. Each of the tokens was securely recorded on the blockchain, guaranteeing their unchangeable nature and individuality.
Trump Is Back In The Public Eye
After his arrest, Trump turned to ‘X,’ the social media platform that followed his ban from Twitter. He shared his mugshot, which was accompanied by captions boldly reading “ELECTION INTERFERENCE” and “NEVER SURRENDER,” together with a link for donations. That post rapidly went viral, amassing a staggering 1.1 million likes and 269,000 reposts.
In his official account, Trump described his short stint at Fulton County jail as a ‘terrible experience,’ humorously commenting, “They didn’t teach me that at the Wharton School of Finance.”
But, his time behind bars was short-lived, as he got his release in 20 minutes by posting a $200,000 bond. Nevertheless, Trump is still entangled in multiple other allegations and charges that might land him back in confinement.
Are Trump’s NFTs The New Gold Mine Or Just Fools’ Gold?
While the increase in NFT values has been quick and remarkable, the question remains whether the upside momentum is sustainable or just a fleeting bubble, possibly bursting even faster than Trump can say something that would be considered controversial.
In that context, investors will just have to wait and see. Trump got arrested, his digital cards exploded in value, and the internet cannot stop talking about it. How high will they go?
