New on-chain information reveals that one fortunate dealer is seeing a greater than 86,000% achieve on his Ethereum (ETH)-based memecoin funding.
In line with blockchain monitoring agency Lookonchain seen, one investor bought $6,500 price of the MAGA (TRUMP) late final yr and is now sitting on $5.6 million price of funds.
“The dealer ‘waxl.eth’ turned $6,500 to $5.6 million with TRUMP, a achieve of 870x! He spent $6,500 to purchase 2.08 million TRUMP by way of two wallets and bought 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 Might eighth throughout a dinner occasion he hosted in Mar-a-Emblem for supporters who purchased non-fungible tokens (NFTs) from his “Mugshot Version” assortment.
Throughout the occasion, Trump introduced that he could be accepting crypto donations in direction of his presidential marketing campaign.
Lookonchain additionally noticed one other dealer who’s sitting on $4.4 million in earnings by means of shopping for TRUMP after buying lots of of hundreds of the meme asset in December 2023 and January 2024.
“The handle tagged ‘GCR: Deal with 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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