This Meme Coin Trader Pocketed $8 Million From MAGA (TRUMP): Here’s How
TL;DR
- Donald Trump survived an assassination attempt during a speech in Pennsylvania, which preceded a significant surge in the cryptocurrency market.
- Trump-related meme coins saw substantial gains and resulted in multi-million profits for savvy traders.
The Trump Effect
The assassination attempt of America’s presidential candidate, Donald Trump, has been the top-trending topic in the past 24 hours. Recall that the billionaire was shot at during a public speech in Pennsylvania on July 13. Fortunately, the gunman’s bullet only scrapped his ear as he tilted his head a brief moment before the attack.
Trump was taken off the main stage with blood on his face while raising his hands quite spectacularly and assuring his fans that his campaign was going on. His condition was later declared “fine” by the local medics who took care of him.
Interestingly, the assault and his survival were followed by a massive resurgence for the entire cryptocurrency sector. The price of bitcoin (BTC), for example, spiked from approximately $58,000 (before the attack) to over $63,000 (as of the moment of writing these lines).
One possible reason could be Trump’s pro-crypto stance as of late. While he was a fierce critic of the industry years ago, lately, he has presented himself as the right choice for those in favor of digital assets. He promised to let crypto thrive and increase the BTC mining efforts of the United States, arguing this is the “last line of defense against a CBDC.”
Numerous meme coins related to Trump have also headed north following the attack. As CryptoPotato reported, MAGA (TRUMP), (Donald Trump – TRUMP2024), DONALD TRUMP (DONALD) spiked by double digits.
The price explosion benefited some savvy traders who hopped on the bandwagon in the early days. The blockchain analytics firm Lookonchain revealed the case of an investor who purchased 1.08 TRUMP tokens at the end of last year. In the past several hours, the trader deposited the holdings into the crypto exchange BTSE, which suggests a possible sale. Had they indeed sold the holdings, their profit would be just shy of $8 million.
Lookonchain added that another investor still holds 936,279 TRUMP assets, currently equaling a whopping $7.5 million.
Consider the Risks
Meme coins have the ability to witness a substantial price increase in a short period of time, thus bringing fortune to those who entered the ecosystem at the right time. Nonetheless, they can just as easily crash by double digits in a matter of hours, causing devastating losses.
Keeping that in mind, people should delve into the matter after proper due diligence and invest only as much as they are ready to lose. For more important tips, please check our dedicated video below:
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