New on-chain data reveals that one lucky trader is seeing a more than 86,000% gain on his Ethereum (ETH)-based memecoin investment.
According to blockchain tracking firm Lookonchain noticed, one investor bought $6,500 worth of the MAGA (TRUMP) late last year and is now sitting on $5.6 million worth of funds.
“The trader ‘waxl.eth’ turned $6,500 to $5.6 million with TRUMP, a gain of 870x! He spent $6,500 to buy 2.08 million TRUMP via two wallets and sold 1.24 million TRUMP for $902,000, with 832,000 TRUMP ($4.7 million) left.”
The MAGA memecoin, founded in August 2023 and based on former US President Donald Trump, currently has a market cap of $298.3 million, making it the 234th ranked digital asset. TRUMP is trading for $6.40 at time of writing, up more than 51.9% in the last 24 hours.
The sudden surge in value comes as Trump reportedly made pro-crypto remarks on May 8th during a dinner event he hosted in Mar-a-Logo for supporters who bought non-fungible tokens (NFTs) from his “Mugshot Edition” collection.
During the event, Trump announced that he would be accepting crypto donations towards his presidential campaign.
Lookonchain also noticed another trader who is sitting on $4.4 million in profits through buying TRUMP after purchasing hundreds of thousands of the meme asset in December 2023 and January 2024.
“The address tagged ‘GCR: Address 1’ spent 703,460 USDT to buy 936,279 TRUMP at $0.75 from December 8th, 2023 to January 18th, 2024, and now has a floating profit of $4.4 million!”
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