Whale Profits Big on TRUMP Token Amid Meme Coin Surge

A recent surge in the TRUMP token has allowed a significant investor to make substantial profits, according to on-chain data.

This event occurred following a failed attack on former US President Donald Trump, which triggered a broader rally in meme coins.

On-chain analysis from Lookonchain reveals that a large holder, suspected to be GCR (@GiganticRebirth), transferred over a million MAGA tokens valued at about $8.85 million to the BTSE exchange, realizing profits around $8.3 million. This wallet initially bought the tokens for approximately 540,700 USDT at an average price of $0.50 late last year.

Another related wallet holds a substantial amount of TRUMP tokens, still unsold and sitting on significant unrealized gains. The boost in Trump’s re-election prospects following the attack has positively impacted the crypto market, particularly Bitcoin and related assets.

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During the weekend, the price of the MAGA token spiked by 60%, reaching over $10 before correcting by 25% due to profit-taking. Despite this, the token remains up 42% for the week, with a market cap of $334 million. Trump is expected to speak at the Bitcoin 2024 Conference later this month, maintaining his pro-crypto stance.

Alongside the MAGA coin, other meme coins experienced notable gains over the weekend, with the top ten seeing increases between 4-10%. Political events continue to create buying opportunities in the crypto space, with market watchers anticipating significant impacts from upcoming events like Trump’s speech at the Bitcoin 2024 Conference.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.