A recent post from on-chain analytics platform Lookonchain revealed a trader making $2.7 million in three days trading the Trump-related MAGA (CRYPTO: MAGA).
What Happened: According to Lookonchain, a trader spent $537,500 on May 24 and May 25 to buy 6 billion MAGA tokens. The trader then sold 1.5 billion MAGA for $744,000.
At present, this trader still holds 4.5 billion MAGA, valued at $2.51 million.
In just 3 days, this trader made $2.7M by trading $MAGA, with an ROI of 505%! He spent $537.5K to buy 6B $MAGA on May 24 and May 25, then sold 1.5B $MAGA for 744K $USDT to take profits 10 minutes ago. He currently holds 4.5B $MAGA, worth $2.51M. pic.twitter.com/Pgd5hKVpc5
— Lookonchain (@lookonchain) May 27, 2024
Read Also: Here's How Much MAGA Coin Has Jumped Since The Ex-President Said, 'If You're In Favor Of Crypto, You Better Vote For Trump'
Why It Matters: Besides the MAGA coin, the MAGA Memecoin (CRYPTO: TRUMP) surged off the back of former President Donald Trump ramping up his pro-cryptocurrency rhetoric.
Since Trump said, "If you're in favor of crypto, you better vote for Trump," the TRUMP coin has skyrocketed from a market cap of just over $180 million to an all-time high of nearly $550 million.
It easily outpaced the growth of other meme coins like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB), positioning it as one of the top-performing meme coins, rivaled only by Pepe (CRYPTO: PEPE) in the past month.
Trump's promises to foster a favorable environment for cryptocurrencies in the U.S. and the looming U.S. elections may keep political meme coins in the spotlight in the near future.
What's Next: The impact of meme coins is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
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オーストラリアでは、moomooの投資商品及びサービスはMoomoo Securities Australia Limitedによって提供され、オーストラリア証券投資委員会(ASIC)の管理を受けております(AFSL No. 224663)。「金融サービスガイド」、「利用規約」、「プライバシーポリシー」などの詳細は、Moomoo Securities Australia Limitedのウェブサイトhttps://www.moomoo.com/auでご確認いただけます。