One lucky trader is seeing profits of more than 86,000% on his Ethereum (ETH)-based memecoin investment, according to new on-chain data.
According to Lookonchain, a blockchain tracking company, one investor said: purchased MAGA (TRUMP), worth $6,500 at the end of last year, is now worth $5.6 million.
“Trader ‘waxl.eth’ made 870x profit with TRUMP – from $6,500 to $5.6 million! He spent $6,500 to buy 2.08 million TRUMPs across two wallets and sold 1.24 million TRUMPs for $902,000, leaving him with 832,000 TRUMPs ($4.7 million).”
Founded by former US President Donald Trump in August 2023, MAGA Mimcoin currently ranks 234th in digital assets with a market capitalization of $298.3 million. TRUMP is trading at $6.40 at the time of this writing, up more than 51.9% in the last 24 hours.
The sharp rise in value came after Trump reportedly made pro-crypto remarks at an evening event hosted by Mar-a-Logo on May 8 for supporters who purchased non-fungible tokens (NFTs) from his “Mugshot Edition” collection. I did.
At the event, Trump announced that he would be accepting cryptocurrency donations for his presidential campaign.
Look on chain too notice Another trader who is making a profit of $4.4 million by purchasing TRUMP after purchasing hundreds of thousands of meme assets in December 2023 and January 2024.
“The address tagged ‘GCR: Address 1’ used 703,460 USDT to buy 936,279 TRUMP at $0.75 from December 8, 2023 to January 18, 2024, with a current float profit of $4.4 million!”
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
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