A crypto dealer inked greater than 16x revenue and made tens of millions on a Donald Trump-inspired memecoin that has exploded in worth this yr.
The crypto tracker Lookonchain notes {that a} pockets suspected to belong to the pseudonymous dealer Gigantic Rebirth spent 540,700 value of the highest stablecoin USDT to purchase 1.08 million MAGA (TRUMP) at a median value of $0.5 in November and December of 2023.
That very same pockets deposited all 1.08 million TRUMP into the BTSE alternate over the weekend, making a revenue of round $8.3 million.
Lookonchain additionally notes {that a} totally different pockets tagged “GCR: Handle 1” nonetheless holds 936,279 TRUMP value $7.23 million, sitting on earnings of greater than $6.5 million. Gigantic Rebirth additionally goes by the title GCR.
TRUMP is buying and selling at $7.21 at time of writing and is down greater than 9.5% prior to now 24 hours. The 191st-ranked crypto asset by market cap surged in worth over the weekend after former President Trump survived an assassination try.
The memecoin is up greater than 63,000% from its all-time low of $0.01136, which it set in mid-October.
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