- A crypto trader has made an astounding 86,000% gain on their investment in the Ethereum-based meme coin MAGA (TRUMP), turning $6,500 into $5.6 million.
- Donald Trump’s recent endorsement of cryptocurrencies, has coincided with a surge in the value of MAGA (TRUMP) coin, indicating potential voter support for candidates advocating crypto-friendly policies.
As per the latest on-chain data, one lucky crypto trader has minted a staggering 86,000% gains on his investment in an Ethereum-based meme coin MAGA (TRUMP). As per the data provided by blockchain tracking firm Lookonchain, the investor purchased $6,500 worth of the MAGA (TRUMP) late last year in 2023. Currently, the value of the same investment stands at a staggering $5.6 million. In the information provided, Lookonchain noted:
The trader ‘waxl.eth’ turned $6,500 to $5.6 million with TRUMP, a gain of 870x! He spent $6,500 to buy 2.08 million TRUMP via two wallets and sold 1.24 million TRUMP for $902,000, with 832,000 TRUMP ($4.7 million) left.
The MAGA memecoin, launched in August 2023 as an homage to former US President Donald Trump, currently boasts a market capitalization of $298.3 million, securing its position as the 234th largest digital asset. TRUMP is presently trading at $6.40, marking an impressive surge of over 51.9% within the last 24 hours.
This sudden uptick in value coincides with reports of Trump expressing favorable views on cryptocurrency during a dinner event held on May 8th at Mar-a-Lago, where he gathered supporters who had purchased non-fungible tokens (NFTs) from his “Mugshot Edition” collection, as reported by Crypto News Flash. Trump also announced his acceptance of cryptocurrency donations for his presidential campaign during the event.
Additionally, Lookonchain identified a trader who has accrued $4.4 million in profits by investing in TRUMP after acquiring hundreds of thousands of the meme assets between December 2023 and January 2024. LookonChain reported: “The address tagged ‘GCR: Address 1’ spent 703,460 USDT to buy 936,279 TRUMP at $0.75 from December 8th, 2023 to January 18th, 2024, and now has a floating profit of $4.4 million!”
Donald Trump Attracts Voters Assuring Crypto Support
In a recent address as the Republican nominee for the 2024 U.S. Presidential Elections, Donald Trump openly endorsed cryptocurrencies, emphasizing his dedication to protecting the rights of crypto investors. Trump’s campaign criticized the Biden administration for what they perceived as a lack of comprehension regarding cryptocurrency operations and accused it of implementing overly strict regulatory measures against digital assets.
During his latest campaign speech, the Republican candidate emphasized: “If you like crypto in any form…and it comes in many forms…if you’re in favor of crypto, you better vote Trump.”
During a recent CNBC interview last month, presidential candidate Donald Trump expressed his stance on Bitcoin and other digital assets, indicating that he wouldn’t enforce regulatory crackdowns. Trump acknowledged the widespread use of cryptocurrencies and stated, “I’m not sure that I’d want to take it away at this point.”
A recent report from Standard Chartered suggests that Bitcoin’s market performance could benefit from a re-election of Donald Trump. The report anticipates positive signals in the Bitcoin market, including significant price increases and enhanced adoption.
Institutional clients previously made bullish projections on Bitcoin’s growth, driven by expectations of spot Bitcoin ETF approval and the price surge to $44,000 in December. Standard Chartered reaffirmed its price projections of $150,000 by the year’s end and $200,000 by 2025.
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