Crypto Trader Makes Millions on Trump-Themed Memecoin
19.07.2024 12:00 1min. read Alexander Stefanov
A crypto trader made a massive profit on a Donald Trump-themed memecoin that has skyrocketed in value this year.
According to Lookonchain, a wallet linked to the trader known as Gigantic Rebirth (GCR) used $540,700 in USDT to purchase 1.08 million MAGA (TRUMP) tokens at an average price of $0.50 in late 2023.
Over the weekend, this wallet transferred all its TRUMP tokens to the BTSE exchange, resulting in an $8.3 million profit.
Another wallet, tagged “GCR: Address 1,” still holds 936,279 TRUMP tokens valued at $7.23 million, showing profits of over $6.5 million.
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TRUMP, currently trading at $7.21, has seen a recent decline of 9.5%.
Despite this, the memecoin has surged over 63,000% from its mid-October low of $0.01136, especially after a high-profile incident involving former President Trump.
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