Donald Trump NFT Soars After the Former President was Indicted by the Court.
Trump's NFT soared and reaches $1700 following the news of the former President's indictment, and his NFT trading cards went sky high.
The value of Donald Trump's digital trading card NFTs has risen significantly. There are reports with the highest sale price reaching almost $1,700. The increase in value apparently coincided with his recent indictment in the Manhattan district attorney's investigation.
On March 30, the floor price for Trump's NFT trading cards was reportedly 0.41 Ethereum (ETH), equivalent to around $748 USD.
NFT Price Floor Reports
According to NFT Price Floor, a website that tracks data on NFT trades and marketplaces, the floor price of Donald Trump's digital trading card NFTs has increased by 1.9% to $967.38 (0.5299 ETH) as of April 1.
The average sale price of Trump's NFTs is reported to be 0.5737 ETH or around $1,000. It is a rise of 1.45% over the last 24 hours. The highest reported sale price for Trump's NFTs is said to be 0.9298 ETH, which is almost $1,700, representing an increase of 10.16% during the same period.
It's worth noting that the value of NFTs are volatile and may not necessarily reflect the true value of the underlying asset or artwork. In addition, there has been a surge in sales of Trump's NFTs since the previous night, with CryptoSlam recording a significant increase in secondary trading volume of 404% over the past 24 hours compared to the previous period.
The website has reported that there has been approximately $184,000 worth of Trump NFT sales in the past day alone.
The Trump Indictment and NFT Impact
A New York grand jury voted to indict Trump on Thursday, July 1, 2021, on criminal charges related to an investigation into hush money payments made to adult film actress Stormy Daniels before the 2016 election. The indictment reportedly includes over 30 charges, making Trump the first former US president to face criminal charges.
Trump has previously denied any wrongdoing and called the investigation a political witch hunt. It's important to note that the indictment is only an accusation, and Trump is presumed innocent until proven guilty in a court of law.
Trump's campaign claimed to have raised over $4 million within 24 hours of news of the indictment. The campaign reportedly stated that over 25% of the funds came from first-time donors, with an average contribution of $34.
The campaign suggested that the fundraising figures signaled that many Americans view the indictment of President Trump as an unjust and politically motivated attack on him by a prosecutor funded by George Soros.
Reportedly, the Manhattan DA's office had initially requested that Trump surrender on Friday, but his lawyers argued that the Secret Service needed additional time to plan his escort.
Trump's attorney, Joe Tacopina, has said that Trump is expected to surrender to the Manhattan DA's office on Tuesday, although it's unclear at this time what charges he will face and what legal defense strategy he will employ.
Trump's Indictment Decision
According to The Washington Post, Donald Trump was reportedly surprised by the grand jury's decision to indict him. He was confident that an indictment was still weeks away. In the days prior to the indictment, he had even been joking about "golden handcuffs."
Following the announcement of the indictment, Trump was described as "deflated" and "irritated."
On the day before the indictment, Trump posted a message on Truth Social. He had "SUCH RESPECT" for the grand jury that would ultimately vote to indict him. However, after the indictment was announced, he changed his tone and called the grand jury "Thugs and Radical Left Monsters."
He also claimed that the United States was in "SERIOUS DECLINE." Trump's social media activity during this time reflects his shift in attitude. It went from showing respect for the legal process to criticizing it and questioning the state of the country.
The NFT Trading Volume and Trump NFTs
At the end of 2022, there was a significant decline in the daily trading volume of Trump NFTs. The stats show a fall of 70 percent and then 98 percent from the peak.
This trend led many analysts to declare Trump NFT mania a short-term fad. Besides, perks like the Zoom call with Trump were being sold off by their holders.
The indictment of former President Donald Trump by a Manhattan grand jury has had a mixed impact on his public image and digital trading cards. While Trump's NFT sales have spiked following the news, his campaign has also reportedly raised millions in donations.
However, some supporters criticize the indictment as a "disgraceful weaponization" of the justice system.
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