TL;DR
- A trader made a profit of $2.7 million in three days with the Trump-themed memecoin MAGA.
- The wallet “0x303” invested over $535,000 to acquire six billion MAGA tokens.
- MAGA has experienced significant price jumps following pro-crypto comments by Donald Trump, leading to speculation about manipulations and bot activities.
A skilled trader has achieved an impressive profit of $2.7 million in just three days thanks to the Donald Trump-themed memecoin known as MAGA (TRUMP).
This trader, identified with the wallet “0x303,” invested over $535,000 to acquire six billion MAGA tokens between May 24 and 25. Subsequently, he sold 1.5 billion of those tokens for $744,000 USDT, thus obtaining a substantial profit in a short period. Currently, he hold 4.5 billion MAGA tokens, valued at $2.51 million.
In just 3 days, this trader made $2.7M by trading $MAGA, with an ROI of 505%!
He spent $537.5K to buy 6B $MAGA on May 24 and May 25, then sold 1.5B $MAGA for 744K $USDT to take profits 10 minutes ago.
He currently holds 4.5B $MAGA, worth $2.51M.https://t.co/KaRYLuELKN pic.twitter.com/Pgd5hKVpc5
— Lookonchain (@lookonchain) May 27, 2024
The value of the trader’s wallet is entirely composed of MAGA tokens, which have seen a 124% increase in the last month and currently trade at $11.96. Although it once exceeded $4 million, it is currently valued at over $2.2 million, according to CoinStats data.
MAGA has experienced significant price surges following pro-crypto comments by Republican presidential candidate Donald Trump. On May 9, the token recorded a 78% increase in a single day, with a 62% increase in trading volume, after Trump expressed his support for cryptocurrencies.
MAGA Under Scrutiny for Manipulations
However, the notable price hikes have led to speculation about possible insider trading. On the other hand, some suggest that these transactions could be the result of bot activity exploiting arbitrage opportunities for profits.
Despite the potential profits, it is important to note that memecoins pose considerable risks due to price volatility. For example, one trader lost over $1 million following an exploit in the Normie cryptocurrency, resulting in a 99% loss on their initial $1.16 million investment.
While some traders manage to achieve significant profits in short periods with cryptocurrencies like MAGA, it is essential to remember that these investments carry a high degree of risk and volatility. We will continue to monitor the impact of any statements by Trump and, eventually, the outcome of the elections scheduled for November this year.
