Former President of the United States, Donald Trump, finds himself at the center of the crypto spotlight as his on-chain cryptocurrency portfolio briefly breaches the $10 million mark, propelled by the meteoric rise of the MAGA memecoin.

On May 27, blockchain analytics firm Arkham revealed that Donald Trump's crypto assets soared to a staggering $10 million, fueled primarily by his substantial holdings in TRUMP, the MAGA-inspired digital token.

The surge in Trump's crypto wealth coincides with the extraordinary ascent of TRUMP, which skyrocketed to an unprecedented high of $13.24 on May 27, marking a monumental milestone for the memecoin.

According to Arkham's data, Donald Trump boasts a formidable stash of 579,290 TRUMP tokens, valued at approximately $6.79 million at the peak of the surge. This surge in TRUMP's value, a remarkable 53% increase over the past week, closely follows Trump's recent endorsements of cryptocurrency and related ventures, signaling his growing affinity for the burgeoning industry.

In a statement on May 25, Trump expressed his optimism towards cryptocurrency companies and the broader industry, further fueling investor enthusiasm.

The Trump 2024 campaign's foray into cryptocurrency fundraising, launched on May 21, has also contributed to the surge in Trump's crypto holdings, underscoring the growing integration of digital assets into mainstream political fundraising efforts.

However, despite the initial surge, TRUMP prices have retraced by 8.8% since their peak, trading at $12.04 at the time of reporting, leading to a slight dip in Trump's overall crypto portfolio, which currently stands at $9.5 million amidst broader market fluctuations on May 28.

It's worth noting that while MAGA was launched with the purported goal of supporting U.S. veterans and combating child trafficking, it operates independently of any official affiliation or endorsement from Donald Trump.

Notably, Trump's crypto holdings extend beyond TRUMP, with sizable investments in Ether (ETH) and MVP tokens. His Ether holdings amount to 464.2 ETH, valued at approximately $1.79 million, while his million MVP tokens, supporting rewards and donations to the Trump election campaign, are currently worth around $473,000.

Despite the recent fluctuations in prices, the surge in Trump's crypto portfolio underscores the growing influence of digital assets in the political and fundraising landscape, with the former president emerging as a notable figure in the crypto sphere.