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Home»ALTCOIN NEWS»Crypto Traders Make More Than 16x Profits on Memecoin After Its Price Soared Over 66,000% in 9 Months: On-Chain Data
ALTCOIN NEWS

Crypto Traders Make More Than 16x Profits on Memecoin After Its Price Soared Over 66,000% in 9 Months: On-Chain Data

By Crypto FlexsJuly 19, 20242 Mins Read
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Crypto Traders Make More Than 16x Profits on Memecoin After Its Price Soared Over 66,000% in 9 Months: On-Chain Data
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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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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are your responsibility and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.

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