Blockchain tracking firm Lookonchain says one crypto trader is looking at multi-million dollar profits after trading the official memecoin of Melania Trump, wife of US President Donald Trump.
According to Lookonchain, the trader scooped up 5.2 million Melania (MELANIA) at just $0.13 per coin right after the digital asset’s launch on Sunday – the day before Trump’s presidential inauguration.
Four days later, the trader had sold off every MELANIA token for a gain of 6,208% on the initial investment of $688,000, racking in a $42.7 million profit.
“This guy has sold all MELANIA, making a total profit of $42.7 million (62x)! He spent 2,500 SOL ($688,000) to buy 5.2 million MELANIA at $0.13, and sold all of them at an average price of $8.34 for $43.4 million, making a profit of $42.7 million, a 62x return!”
Lookonchain also noticed another trader saw massive gains after being an early investor in MELANIA.
“This guy made an incredible $66 million+ on MELANIA in just for hours! [On Sunday], this guy spent 2,500 SOL ($688,000) to buy 5.02M MELANIA, then sold 203,000 MELANIA for 2.14 million USDC, leaving 5 million MELANIA, worth $64.9 million!”
First Lady Melania Trump launched her own memecoin a day after then President-elect Trump had launched his.
MELANIA is trading for $2.76 at time of writing, down 19.5% in the last 24 hours. The Solana (SOL)-based memecoin has a market cap of $413.8 million, making it the 227th largest crypto project.
Meanwhile, Official Trump (TRUMP) is trading for $33.19 at time of writing, down 13.6% on the day. With a market cap of $6.6 billion, the SOL-based memecoin is the 30th largest crypto project.
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Generated Image: Midjourney
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