A cryptocurrency trader has made more than 16x his profit on a Donald Trump-inspired coin called Mimecoin, which has exploded in value this year.
According to cryptocurrency tracking site Lookonchain, a wallet suspected to belong to anonymous trader Gigantic Rebirth used $540,700 worth of the top stablecoin, USDT, to buy 1.08 million MAGA (TRUMP), at an average price of $0.50, in November and December 2023.
Over the weekend, 1.08 million TRUMP were deposited into the BTSE exchange from the same wallet, generating a profit of approximately $8.3 million.
Lookonchain also noted that another wallet tagged “GCR: Address 1” still holds 936,279 TRUMP, worth $7.23 million, and has generated over $6.5 million in profits. Gigantic Rebirth is also referred to by the name GCR.
TRUMP is trading at $7.21 at the time of writing and is down more than 9.5% over the past 24 hours. The 191st largest cryptocurrency asset by market cap has seen its value soar over the weekend after former President Trump survived an assassination attempt.
Mimecoin has risen over 63,000% from its all-time low of $0.01136 recorded in mid-October.
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