- A crypto trader made a staggering 86,000% return on his investment in Ethereum-based meme coin MAGA (TRUMP), turning $6,500 into $5.6 million.
- Donald Trump’s recent support for cryptocurrencies coincides with a surge in the value of the MAGA (TRUMP) coin, indicating potential support among voters for candidates advocating crypto-friendly policies..
One lucky crypto trader generated a staggering 86,000% return on his investment in Ethereum-based meme coin MAGA (TRUMP), according to the latest on-chain data. The investor bought $6,500 worth of MAGA (TRUMP) in 2023 late last year, according to data provided by blockchain tracking firm Lookonchain. Today, that same investment is worth a staggering $5.6 million. In the information provided, Lookonchain states:
Trader “waxl.eth” turned $6,500 into $5.6 million on TRUMP, an 870x profit. He spent $6,500 to buy 2.08 million TRUMP through two wallets and sold 1.24 million TRUMP for $902,000, leaving him with 832,000 TRUMP ($4.7 million).
The MAGA meme coin, launched in August 2023 as a tribute to former President Donald Trump, currently has a market capitalization of $298.3 million, securing its position as the 234th largest digital asset. TRUMP is currently trading at $6.40, marking an impressive increase of over 51.9% in the past 24 hours.
This sudden rise in value comes after President Trump rallied supporters who purchased non-fungible tokens (NFTs) from the “Mugshot Edition” at a dinner event held at Mar-a-Lago on May 8th. This is consistent with reports that he expressed a favorable view of virtual currencies. Collection, as reported by Crypto News Flash. President Trump also announced acceptance of cryptocurrency donations for his presidential campaign during the event.
Additionally, Lookonchain identified a trader who invested in TRUMP for a profit of $4.4 million after acquiring hundreds of thousands of meme assets between December 2023 and January 2024. LookonChain reported: From December 8, 2023 to January 18, 2024, he buys 936,279 TRUMP at a price of $0.75, and now has a floating profit of $4.4 million.”
Donald Trump charms voters by guaranteeing support for cryptocurrencies
In a recent speech as the Republican candidate for the 2024 US presidential election, Donald Trump openly supported cryptocurrencies and emphasized his dedication to protecting the rights of crypto investors. The Trump campaign criticized the Biden administration for what it perceived to be a lack of understanding of how cryptocurrencies operate and accused it of taking too strict regulatory measures against digital assets.
In his latest campaign speech, the Republican candidate emphasized: “If you like cryptocurrencies in any form…and they come in many different forms…if you support cryptocurrencies, you should vote for Trump.”
In an interview with CNBC last month, presidential candidate Donald Trump laid out his stance on Bitcoin and other digital assets, suggesting he has no intention of forcing a regulatory crackdown. President Trump acknowledged the widespread use of virtual currencies, saying, “I don't know if I want to take up virtual currencies at this point.''
A recent report from Standard Chartered suggests that Bitcoin market performance could benefit from Donald Trump's reelection. The report predicts positive signs in the Bitcoin market, including significant price increases and increased adoption.
Institutional clients had previously made bullish predictions for Bitcoin's growth following the spot approval of a Bitcoin ETF and expectations that the price would rise to $44,000 in December. Standard Chartered reaffirmed its price forecast of $150,000 by the end of the year and $200,000 by 2025.
