Blockchain tracking company Lookonchain has revealed that a cryptocurrency trader is making millions of dollars in profits after trading the official memecoin of US President Donald Trump’s wife, Melania Trump.
According to Lookonchain, traders bought 5.2 million MELANIA for just $0.13 per coin shortly after the digital asset launched on Sunday, the day before President Trump’s inauguration.
Four days later, the trader sold all of his MELANIA tokens for a profit of 6,208% on his initial investment of $688,000, resulting in a $42.7 million profit.
“This guy sold all of MELANIA for a total profit of $42.7 million (62x)! He spent 2,500 SOL ($688,000) to buy 5.2 million MELANIA for $0.13 and sold them all for $43.4 million at an average price of $8.34, making a profit of $42.7 million. That’s a 62x return!”
Lookonchain also discovered that other traders made huge profits after becoming early investors in MELANIA.
“This guy made an incredible $66 million+ in MELANIA in just a few hours! (Sunday) This person spent 2,500 SOL ($688,000) to buy 5.02 million MELANIA, then sold 203,000 MELANIA for 2.14 million USDC, leaving him with 5 million MELANIA, or $64.9 million worth!”
First lady Melania Trump launched her own memecoin a day after then-President-elect Trump launched his.
MELANIA is trading at $2.76 at the time of writing, down 19.5% in the last 24 hours. Solana (SOL)-based memecoin has a market capitalization of $413.8 million, making it the 227th largest cryptocurrency project.
Meanwhile, official TRUMP is trading at $33.19 at the time of this writing, down 13.6% on the day. SOL-based Memecoin is the 30th largest cryptocurrency project with a market capitalization of $6.6 billion.
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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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