Trump’s NFT rises from the dead, with massive volumes soaring more than 800%.
The rise in trading volumes resulted in an increase in the price of the trading cards, with prices almost up by 100%.
Experts point to the news of the former President’s reinstatement on Twitter and Facebook as factors responsible for the surge.
The Non-Fungible Tokens (NFTs), which depict former US President Donald Trump as a superhero and cowboy, have had a bumpy ride in the market since their launch on Dec 15.
After several weeks of poor trading and slumping prices, Trump’s digital trading cards are now rebounding. Daily sales of the NFTs are now up 800% after volumes rose from $34,000 to over $306,000 last week.
Data from Cryptoslam also shows increasing numbers, with an additional $241,000 worth of sales in 20 hours. As the total number of NFTs traded continues to rise, the price is also making a huge leap in the same period.
CryptoSlam recorded 115 Trump NFT trades yesterday at an average price of $296 worth of Ethereum (ETH) compared to 704 NFT trades in just under 24 hours at an average price of $490.
Trump launched his NFT collection of 45,000 digital trading cards minted on Polygon on Dec 15. The cards, which depicted him as an astronaut, superhero, and cowboy, were worth $99 on the first release, with each coming with special perks like meeting and diners with the former President.
Despite criticisms from several quarters, the trading cards sold out within days before crashing in prices and recording low volumes. The former US Commander in Chief stated that he released the NFTs because “they looked super cute”, and he loves digital art.
Trump’s return to Twitter and Facebook
While the reasons for the resurgence of Trump’s NFTs may not be concrete, many experts have pointed at the news of his possible return to social media giants, Facebook and Twitter as key factors. NBC News reported that the former President’s team had petitioned Facebook to reinstate his account following new documents it reviewed.
Trump’s Twitter ban recently was reversed after a poll conducted by new CEO Elon Musk although the former President is yet to come back on the platform. A re-appearance on top socials like Twitter and Facebook will be huge for the holders of the Trump trading cards.