New on-chain knowledge reveals that one fortunate dealer is seeing a greater than 86,000% acquire on his Ethereum (ETH)-based memecoin funding.
In accordance with blockchain monitoring agency Lookonchain observed, one investor purchased $6,500 value of the MAGA (TRUMP) late final yr and is now sitting on $5.6 million value of funds.
“The dealer ‘waxl.eth’ turned $6,500 to $5.6 million with TRUMP, a acquire of 870x! He spent $6,500 to purchase 2.08 million TRUMP by way of two wallets and offered 1.24 million TRUMP for $902,000, with 832,000 TRUMP ($4.7 million) left.”
The MAGA memecoin, based in August 2023 and based mostly on former US President Donald Trump, presently has a market cap of $298.3 million, making it the 234th ranked digital asset. TRUMP is buying and selling for $6.40 at time of writing, up greater than 51.9% within the final 24 hours.
The sudden surge in worth comes as Trump reportedly made pro-crypto remarks on Could eighth throughout a dinner occasion he hosted in Mar-a-Emblem for supporters who purchased non-fungible tokens (NFTs) from his “Mugshot Version” assortment.
Through the occasion, Trump introduced that he can be accepting crypto donations in direction of his presidential marketing campaign.
Lookonchain additionally observed one other dealer who’s sitting on $4.4 million in income by way of shopping for TRUMP after buying a whole bunch of hundreds of the meme asset in December 2023 and January 2024.
“The tackle tagged ‘GCR: Handle 1’ spent 703,460 USDT to purchase 936,279 TRUMP at $0.75 from December eighth, 2023 to January 18th, 2024, and now has a floating revenue of $4.4 million!”
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